Engie, the French multinational power utility, reported a higher net profit for the year 2023 compared to the previous year. However, the company anticipates lower earnings for 2024.

Financial Performance

  • Net Profit: Engie's net profit for 2023 was recorded at 2.21 billion euros, a significant increase from EUR216 million in the previous year.
  • Net Recurring Income: The company's net recurring income, which excludes one-off items, saw a 2.8% rise, reaching EUR5.4 billion.
  • Revenue: Despite the positive profit figures, Engie's revenue for 2023 fell by 12% to EUR82.57 billion.

Projections for 2024

  • Earnings Expectations: Engie has set targets for its 2024 earnings before interest and taxes (excluding nuclear) in the range of EUR7.5 billion to EUR8.5 billion.
  • Net Income Forecast: The company aims to achieve a net recurring income group share between EUR4.2 billion and EUR4.8 billion for the year 2024.

Analysts' Expectations

  • Consensus: Analysts were expecting EUR3.7 billion in net profit and EUR98.93 billion in revenue for 2023, according to Visible Alpha consensus.

Renewable Energy Expansion

  • Renewable Energy Capacity: Engie announced the addition of 3.9 gigawatts of new renewable energy capacity in 2023, reaching a total of 41.4 gigawatts.
  • Under Construction: An additional 6.3 gigawatts of capacity were under construction as of the end of 2023.

Dividend Proposal

  • Dividend Per Share: Engie plans to propose a dividend of EUR1.43 per share for the year 2023, up from EUR1.40 in the previous year.

Engie's performance reflects its commitment to expanding renewable energy capacity while navigating fluctuations in revenue.

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