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By Giulia Petroni
Engie SA said Thursday that net recurring income rose in 2019 and issued its medium-term objectives.
The French utility company said net recurring income rose to 2.7 billion euros ($2.94 billion), up from EUR2.5 billion a year earlier.
Revenue increased to EUR60.1 billion from EUR57 billion the previous year, Engie said. The company attributed the rise partly to a number of acquisitions in its client-solutions business and a slightly positive foreign exchange effect.
Analysts had forecast net profit of EUR2.56 billion on revenue of EUR63.26 billion, according to a consensus compiled by FactSet.
Earnings before interest, tax, depreciation and amortization came in at EUR10.4 billion, up from EUR9.7 billion in 2018.
The group said it would propose a dividend of EUR0.80 a share for 2019, up 7% compared with the 2018 ordinary dividend.
Engie said it expects net recurring income to be between EUR2.27 billion and EUR2.29 billion in 2020.
For 2022, the company expects net recurring income to grow at a compound annual growth rate of between 6% and 8%, which equates to a growth of between EUR3.2 billion and EUR3.4 billion.
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(END) Dow Jones Newswires
February 27, 2020 03:12 ET (08:12 GMT)
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