The French energy group Engie has raised its profit expectations by 8 percent. It sent the stock price to the highest level since early March 2020.
Engie, the parent company of Engie Electrabel, has increased its forecast for recurring net profit by 400 million. It is now assumed that this will be between 5.1 billion and 5.7 billion euros by 2023. Engie announced this when it published its quarterly figures. The increase in profit expectations came despite the conclusion that Engie’s turnover after nine months is more than 10 percent below the level compared to the same period last year. Engie’s stronghold is energy trading. This accounted for 40 percent of the total operating profit of 8.32 billion euros.
After the announcement, the stock price rose to the highest level since early March 2020, when the corona crisis broke out. The share rose more than 2 percent to 15.67 euros on Tuesday morning. Engie also went against the grain. The French star index CAC40, which is based on the price evolution of the forty most important listed French companies, was at that time half a percent below Monday’s closing price.
In our country, Engie is still working on the agreement on the extension of the Doel 4 and Tihange 3 nuclear power stations and the financial arrangement for the disposal and management of nuclear waste. The French energy group expects the signing of the full and final agreements before the end of this year. In doing so, it repeats the timing that it already stated when announcing the half-year figures.
At the end of June, the Belgian government and Engie reached an agreement on the extension of the lifespan, the dismantling of the nuclear power stations and the disposal of the radioactive waste. The target is to have Doel 4 and Tihange 3 running again in the winter of 2025-2026.