FX.co ★ Eni Q1 Net Profit Declines

Eni, abbreviated as E, recently released its financial report for the first quarter, revealing a net profit of 1.21 billion euros. This is a sizable decrease from last year's figures, which stood at 2.39 billion euros. On an individual share basis, earnings dropped from 0.70 euros to 0.37 euros.

Regarding the company's Proforma adjusted Ebit, it went down by 30% from the previous year, resting at 4.12 billion euros. Similarly, adjusted net profits saw a decline of 46% to 1.58 billion euros, a trend attributed to a dip in operating performance and equity results from major joint ventures or associates. This pattern mirrored a worsening situation in the natural gas and other related sectors. Adjusted earnings on each share went from 0.86 euros down to 0.48 euros.

The reported sales revenues from operations for the first quarter took a hit as well, reaching 22.94 billion euros which is less than the 27.18 billion euros made in the previous year. Total revenues also decreased, standing at 23.17 billion euros from the former 27.38 billion euros.

In comments on these figures, Eni's CEO Claudio Descalzi provided some projections for the future. He stated, "Based on our updated scenario, we expect the full year CFFO to be above 14 billion euros." Descalzi also touched on the company's commitment to distribution, revealing an increase of 45% in the planned 2024 share buy-back to 1.6 billion euros.