By Pierre Bertrand

Engie reported higher 2023 net profit and but guided for lower 2024 earnings.

The French multinational power utility said Thursday that net profit was 2.21 billion euros ($2.38 billion) for the year, compared with EUR216 million the year before when its earnings were hit by impairment losses and provisions.

Its net recurring income, which strips out one-offs and on which Engie bases its dividend policy, was EUR5.4 billion, a 2.8% increase.

Revenue for 2023 fell 12% to EUR82.57 billion, Engie said.

For the current year, Engie targets 2024 earnings before interest and taxes, excluding nuclear, in the EUR7.5 billion to EUR8.5 billion range, and for 2024 net recurring income group share in the EUR4.2 billion to EUR4.8 billion range.

The result compares with analysts' expectations of EUR3.7 billion in 2023 net profit and EUR98.93 billion in revenue, according to Visible Alpha consensus.

The company said that the decline in its revenue reflected lower spot power prices in France compared with the prior year.

Engie said that it added 3.9 gigawatts of new renewable energy capacity in 2023, bringing its total to 41.4 gigawatts. An additional 6.3 gigawatts of capacity are under construction as of 2023-end.

It added that it will propose a EUR1.43 per share dividend for 2023, up from EUR1.40 a year prior.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

02-22-24 0219ET