French energy group Engie has raised its 2022 revenue and profit targets after the company released its third quarter results on Thursday.
Revenue for the first nine months of 2022 stood at €69.3 billion, which is almost double compared to what it generated during the first 9 months of 2021.
This has been driven by higher energy prices and growth in most of its operations around the world, as well as expansion into renewable energies.
With an EBITDA of €10.7 billion for the first three quarters of 2022, the company has already generated more profit this year than it did during the entire of 2021. And with the final quarter underway, which generally tends to be the most profitable quarter for energy companies as the colder months require more energy consumption, Engie is on track to a record breaking year which could see it surpass €100 billion in revenue.
- Engie makes €2 billion in excess profits from nuclear reactors
- Average energy bills this year cost up to €6,000 – up 95% on 2021
The company, which is France’s main gas supplier, also said that it was “confident” in its ability to supply the coming winter without Russian gas.
Engie has continued to reduce its exposure to gas previously purchased from Gazprom, to what Pierre-François Riolacci, Executive Vice President, called “miniscule” levels.
“For the winter of 2023-24, the group remains confident that additional gas supplied from new sources including liquefied natural gas, will help replace the need for gas from Russia and allow us to reach the required storage levels,” the statement also said.
Engie is the parent company of Belgian energy producer and supplier Engie Electrabel. The Belgian entity earned just under a billion euros from the operation of Belgian nuclear power plants alone in the first nine months of the year.
The share price of Engie immediately jumped 4% to €13.90 on Thursday after it released its earnings report.