Italian energy group Eni achieved the highest profit in more than 10 years; bringing its adjusted net profit to 13.3 billion euros ($14.12 billion) in 2022.
According to Arabiya.net, adjusted net profit in the fourth quarter of 2022 amounted to 2.5 billion euros, slightly above analysts' average expectations of 2.49 billion euros.
Despite the strong results, Eni shares fell as markets focused on the weakness of its exploration and production activities in the last quarter of the year.
The state-controlled group's increased focus on energy security, coupled with higher energy prices due to the conflict in Ukraine, has led to an improvement in its performance in 2022.
Group CEO Claudio Descalzi said, in a statement: During the year, we were able to conclude agreements and enter into activities to completely replace Russian gas by 2025, benefiting from our strong relations with producing countries and the rapid development approach to increase quantities from Algeria, Egypt, Mozambique, Congo and Qatar.
However, the decline in oil and gas prices in the last quarter of the year from their previous peak affected the exploration and production business and its gas and LNG division, which led to a slowdown compared to previous periods.
The group also made progress last year in developing its renewable energy and retail unit (Plenity), which has a production capacity of 2.2 gigawatts of green energy, as well as its newly established sustainable mobility unit.
Shares of the Italian group fell by 1% by 0840 GMT, amid disappointment among investors about the performance of exploration and production activities. Traders await Eni's strategy presentation, which is scheduled for later on Thursday.
