Eni’s Net Profit Rises to £2.52 Billion in First Nine Months

Rome: Eni’s net profit rose 5% to £2.52 billion in the first nine months of the year, the energy giant said Friday. There was a 54% jump in net profit for the third quarter to £803 million.

According to Ansa News Agency, net cash flow fell 5% to £8.98 billion in the first nine months, while in the quarter, it rose 3% to over £3 billion. Eni’s third-quarter results exceeded expectations in all key operational, economic, and financial indicators, as noted by CEO Claudio Descalzi. He highlighted the strong growth in production, which reached 1.76 million barrels per day (bpd), marking a 6% increase compared to last year. This growth allows the company to raise its full-year guidance to 1.72 million bpd.

Descalzi also pointed out that the accelerating trend is expected to continue in the coming months. This is attributed to new fields under development in Congo, the United Arab Emirates, Qatar, and Libya, alongside the launch of a business combination in Indonesia and Malaysia. This merger is anticipated to establish one of the main players in the Asian LNG market.