Eni's Q1 net profit down 46% to €1.6B - Breaking The News

Eni's Q1 net profit down 46% to €1.6B

24 April

1 min read

EPA-EFE/DANIEL DAL ZENNARO

Eni S.p.A. stated on Wednesday that its net profit for the first quarter of fiscal 2024 went down by 46% to €1.58 billion year-on-year.

The Italian oil and gas producer said that for the same three-month period, its net profit per diluted share decreased from €0.86% in 2023 to €0.48 in 2024. Net profit before taxes fell 37% to €3.1 billion, while cash flow from operations before changes in working capital at replacement cost was €3.9 billion.

According to the report, the results reflected the current market environment of decline in natural gas prices, affecting their "gas value chain, while crude oil prices were almost flat with the Brent benchmark averaging 83 $/bbl." Proforma adjusted EBIT declined by 30%, with Exploration & Production on the top, delivering €3.32 billion.

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