Eni’s net profit fell threefold – Kommersant
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Italian energy company Eni presented third quarter reporting. The company’s net profit fell more than threefold, amounting to €1.9 billion. This is due to the fact that a year earlier, Eni’s income, like other energy companies, grew strongly due to a sharp increase in energy prices due to the military conflict in Ukraine and reduction in supplies from Russia. Nevertheless, the result was better than analysts’ expectations, and the company’s shares rose 1.5% in over-the-counter trading.
Eni also improved its forecast for the current year as a whole. Operating profit is expected to be €14 billion, down from a previously forecast of €12 billion. The company also said it would accelerate its share buyback program, which it began in May, in the current quarter.
Recently, Eni has been trying to diversify its portfolio of assets, primarily through new gas fields and LNG supply contracts, as well as the development of renewable energy sources.
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