Engie Lifts 2021 Guidance on Stronger 1st Half Results; Selling Stake in French Gas Operator

   By Cecilia Butini 
 

Engie SA said Friday that it has raised its outlook for 2021 as earnings and revenue grew in the first half; separately, it said that it has agreed to sell part of its stake in French gas operator GRTgaz SA.

The French power utility company posted net profit of 2.34 billion euros ($2.78 billion) for the first half, up from EUR24 million in the same period a year earlier, when the company's business was hit by the coronavirus pandemic. Revenue grew to EUR31.26 billion in the period, from EUR27.43 billion the year prior.

The company raised its outlook for the full year, saying it now expects net recurring income in the range of EUR2.5 billion and EUR2.7 billion. The guidance is based on an indicative 2021 earnings before interest, tax, depreciation and amortization range of EUR10.2 billion and EUR10.6 billion, as well as on an earnings before interest and tax range of EUR5.5 billion to EUR5.9 billion.

Separately, Engie said that it has agreed to sell 11.5% of GRTgaz stake to Caisse des Depots and CNP Assurances. The sale is part of Engie's execution of a strategic plan to rebalance its exposure from gas networks toward renewables and other infrastructure assets, it said.

Engie currently holds a 75% stake in the gas operator.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

July 30, 2021 02:55 ET (06:55 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.