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Eni: strong increase in profit, 'excellent growth prospects'

(CercleFinance.com) - Italian oil and gas group Eni made a net profit of over 3.
4 billion euros in full year 2017, the company said on Friday.

Net profit reached 3.43 billion euros last year, compared to a net loss of 1.46 billion euros in 2016.

Eni, the world's eleventh-biggest listed oil company in terms of revenue, also reported a strong increase in operating profit, with a full-year adjusted operating profit that more than doubled to 5.79 billion euros in 2017, up by 3.48 billion euros relative to 2016.

The improvement reflected the recovery in crude oil prices (with the price of Brent rising 24%), along with growth in production, the company said.

Looking to the future, Eni said it sees "excellent" growth prospects for all of its businesses.

In early morning trading, Eni shares were up 1.4% at 13.7 euros, outperforming the STOXX Europe 600 Optimised Oil & Gas index, which was up 1%.

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