Eni reports most profitable year since 2012 as revenues soar

Italian energy giant Eni reported an adjusted net profit of US $5.37 billion (4.7 billion euros) for 2021, with $2.4 billion (2.11 billion euros) in the fourth quarter alone – a 47 percent jump over the third quarter profit the same year.

“Compared to the corresponding 2020 reporting periods, which were impacted by the COVID-19 pandemic, the performance recorded a material recovery, with net adjusted results up 2.1 billion euro and 5.5 billion euro respectively vs the fourth quarter and full year 2020,” Eni said in a statement on Friday.

The company said the revenues were driven by better operating performance, improved results of equity investments and remarkable recovery in the upstream scenario.

“The strict financial discipline and cost efficiencies we implemented to withstand the downturn have allowed us to best capture the strong economic recovery of 2021,” said Eni CEO Claudio Descalzi. He added that the upstream segment generated the financial resources needed to fund their decarbonisation strategy.

Eni also said it had reached a group EBITDA of 9.7 billion euro and adjusted net profit of 4.7 billion euro – with 2021 reflecting the company’s best result since 2012.

For 2021, Eni generated robust cash of 12.7 billion euros, funded net capex of 5.8 billion euros and an organic free cash flow of 7.6 billion euros.