RWE Reports Increase in Net Profit
RWE, the German energy company, has announced a rise in net profit for the first nine months of the year, thanks to increased renewable energy generation and growth in its supply and trading division.
The net profit for the period reached 3.81 billion euros ($4.08 billion), up from EUR2.10 billion in the same period last year. This surge in profit can be attributed to RWE's strong investment activity, with their portfolio growing by approximately six gigawatts since the start of the year.
Chief Financial Officer Michael Mueller stated, "Our portfolio growth has resulted in a significant increase in electricity production from renewables, which has contributed to our earnings growth."
Adjusted earnings before depreciation and amortization also saw a notable increase, reaching EUR6.150 billion compared to EUR3.39 billion in the first nine months of last year. RWE reported that Ebitda from their wind, solar, and hydro energy businesses all experienced growth, while the coal and nuclear sectors fell behind compared to the same period in 2021.
RWE's supply and trading business saw a significant rise in adjusted Ebitda, reaching EUR1.33 billion from EUR194 million.
The company reaffirmed its 2023 outlook, which was raised in July. RWE expects adjusted Ebitda between EUR7.10 billion and EUR7.70 billion, adjusted net income between EUR3.30 billion and EUR3.80 billion, and a dividend increase of EUR0.10 to EUR1.00 per share.
RWE's strong performance in renewable energy and the growth of its supply and trading division bode well for the company's future prospects.
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