Technip Energies, a leading engineering and technology company for the energy transition, has registered a rise in earnings for the first quarter, reflecting an increase in revenue which surged to hit €1.62 billion ($1.74 billion) from €1.5 billion last year.
Announcing its unaudited financial results for the three-month period ended March 31, 2022, Technip said the net profit surged to €68.8 million (€0.38 per share), compared with €52.7 million (€0.29 per share), reported for the same period, last year.
The company witnessed adjusted revenue growth of 4% amid growing contribution from projects outside of Russia in addition to adjusted recurring EBIT margin of 6.6% and adjusted net profit of €72 million.
On the solid performance, CEO Arnaud Pieton said: "First quarter revenue growth and solid profitability demonstrate strong execution across the entirety of our portfolio from Project Delivery to Technology, Products and Services. This is consistent with our full year financial framework and we expect our
activity outside of Russia to progressively ramp up through 2022."
On Russia, he stated that Technip Energies was committed to complying with all applicable laws and regulations, which includes current and future sanctions.
"Our priorities are to protect our people, and the interests of our company and shareholders. In anticipation of the escalation of the European Union sanctions, we have been working with clients, partners and suppliers within the relevant contractual frameworks to take appropriate measures in connection with our activities in Russia, including Arctic LNG 2. We expect that the balance sheet position of the project and the relevant contract protections will be sufficient to fulfil our various
contractual obligations in compliance with applicable sanctions," he added.
Pieton pointed out that during the first quarter, Technip Energies had reconfigured the organization structure around four business lines focused on its markets and supported by a global delivery structure dedicated to delivering projects and solutions.
"This will better align our operating model and commercial focus with the rapidly changing energy transition market," he observed.
"Our energy transition strategy is supported by our flexible capital allocation. In the quarter, we announced three investments in the markets of hydrogen, floating offshore wind, and biochemicals. These expand and diversify our technology portfolio, while enabling new business model opportunities," he added.-TradeArabia News Service