Net Income Of France's Engie Falls 17-Fold To Around $200Mln Year-on-Year In 2022

MOSCOW (UrduPoint News / Sputnik - 21st February, 2023) French energy giant Engie said on Tuesday its net income had amounted to just around 200 million Euros ($214 million) in 2022 after dropping 17-fold from 3.6 billion euros in 2021 due to global economic challenges.

"Net income Group share amounted to ��0.2 billion. The ��3.4 billion decrease compared to 2021 was mainly linked to the negative effect of the mark-to-market on commodity contracts other than trading instruments, impairment losses, the Nord Stream 2 (gas pipeline) credit loss, the provision increase for the back-end nuclear fuel of Belgian nuclear power plants," Engie said in its financial report.

At the same time, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) grew to 13.7 billion euros by 29.8% compared to 2021, with the net debt falling by 1.

3 billion euros to 24.1 billion euros over the past year.

The company also said it expected its earnings before interest and taxes (EBIT) to reach 6.6-7.6 billion euros in 2023 and later increase to 7.5-8.5 billion euros in 2025.

Engie (formerly known as GDF Suez) is one of Europe's leading energy companies, operating in the areas of electricity generation and distribution, gas extraction and transportation, as well as the development of renewable energy sources.

The firm was one of the key European importers of Russian gas and one of the major stakeholders of the Nord Stream 1 and Nord Stream 2 pipelines. However, in response to Russia's special operation in Ukraine, Western countries imposed a series of sanctions on Moscow, with Germany halting certification of the ready-to-operate Nord Stream 2.