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RWE posts 72% rise in 9-month profit on higher demand, strong trading

FRANKFURT, Nov 10 (Reuters) – RWE (RWEG.DE) on Thursday posted a 72% increase in core profits for the first nine months, boosted by higher demand and prices for power across Europe as well as what it called an unusually strong commodity trading performance.

Nine-month adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 4.1 billion euros ($4.14 billion), up from 2.4 billion, Germany’s largest power producer said.

Results in the period were boosted by a “rise in electricity margins and a significant improvement in income from the short-term optimisation of our power plant dispatch”, RWE said in its report.

In its commodity trading division, profits were up 59% due to improvements “with regard to almost all commodities and regions”.

The group confirmed its 2022 outlook, still expecting adjusted EBITDA of 5 billion to 5.5 billion euros and adjusted net profit of 2.1 billion to 2.6 billion euros.

($1 = 0.9968 euros)

Reporting by Christoph Steitz, editing by Kirsti Knolle and Miranda Murray

Our Standards: The Thomson Reuters Trust Principles.

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2022-11-10 00:23:00

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