French energy company Engie today reported a sharp increase in profits for 2022 thanks to higher natural gas and power prices following Russia's invasion of Ukraine.
Engie said its net recurring income totalled €5.2 billion last year, up from €2.9 billion in 2021.
Earnings before tax and interest (EBIT) stood at €9 billion for the year, up from €6.1 billion in 2021.
The firm's earnings were boosted by higher energy prices caused by supply disruptions and Western sanctions on Russian gas.
However, those gains were partly tempered by €900m in windfall profit taxes decided at EU level and €1.1 billion in government-mandated revenue limits on nuclear and hydropower earnings in Belgium and France, Engie said.
"For 2023 we expect a market in less of a crisis, but an environment which is not adverse," finance chief Pierre-François Riolacci said.
"We've succeeded in obtaining results despite all the taxes that have come up in the meantime," he added.
The 2023 forecast is for net recurring income of between €3.4 billion and €4 billion.
Engie's board proposed a dividend of €1.40 per share, which translates to a payout ratio of 65%.
