BAKU, Azerbaijan, May 8. Plenitude, the energy company controlled by Eni, reported an adjusted operating profit of 616 million euros for 2024, marking a 20% increase from the previous year, Trend reports.
According to the producer, net profit rose to 312 million euros, up 96 million euros from 2023, though both years included non-recurring items that affect comparability.
The improvement was driven by strong performance in the retail energy segment in Italy and abroad, especially in France, and increased capacity in renewable energy generation. Despite lower spot prices for part of its renewable output, not covered by long-term agreements, the integrated business model supported overall growth.
Adjusted net profit reached 311 million euros, up 91 million euros from 2023, supported by reduced finance costs, though higher income taxes partially offset gains. Operating cash flow totaled 916 million euros, slightly down from 1.04 billion euros in 2023 due to the prior year’s favorable working capital movements.
Capital expenditures and acquisitions totaled 1.37 billion euros, resulting in a negative free cash flow of 452 million euros. However, this was offset by 534 million euros in equity cash flow, mainly from a capital increase. Overall, Plenitude reduced its net financial debt by 70 million euros, reversing a 408 million euro increase in 2023.
