Home » Eni launches a 400 million euro buy back

Eni launches a 400 million euro buy back

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In the second quarter of 2021, Eni recorded 2 billion euros of Ebit and 0.93 billion of net profit, with an increase of 1.6 billion compared to the second quarter of 2020. For the CEO, Claudio De Scalzi, the results ” excellent ”were achieved“ in a more favorable economic context and an energy scenario with improved fundamentals ”.

The company therefore plans to «bring the 2021 dividend back to the pre-Covid level of 0.86 per share, and start a buy-back program of 400 million for the next six months. As announced to the market, 50% of the dividend will be distributed in September ».

Descalzi explains that Eni’s results in the second quarter exceeded «the market consensus of all the businesses and confirmed the progressive recovery trend already underway for three quarters». The result, continues the manager, “was driven by the robust performance of E&P which achieved an Ebit of 1.84 billion, an increase of +2.6 billion compared to last year. The performance of Eni gas e luce & Rinnovabili is solid with an Ebit of 70 million, up by about 50 million compared to the second quarter of 2020 thanks to the expansion of the customer base and new value-added services ».

The performance of the business and the selectivity in investments, continues Descalzi, “allowed us to generate a significant free cash flow of 1.82 billion after the financing of organic investments in the first half of 2021”.

In detail, the adjusted net profit in the first half of 2021 returned to pre-Covid levels for Eni at 1.20 billion “a clear improvement on the 2020 loss”, with a change of +1.9 billion euro , “Due to the better operating performance and the normalization of the tax rate (58% in the half year) due to the improvement of the upstream scenario and the better income forecasts of green activities in Italy”.

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Finally, as far as renewables are concerned, «we have largely exceeded our target by 2021, reaching 2 Gw of installed power and under construction. Chemistry has achieved the best results ever, with an Ebit of around 200 million euros, an increase of 270 million ».

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