By Cecilia Butini 
 

French power utility company Engie SA said Tuesday that it would execute disposals and accelerate growth investments amid a strategy review.

The company said it would implement disposals for between 9 billion euros ($10.94 billion) and EUR10 billion and that it plans to invest between EUR15 billion and EUR16 billion of growth capex in the period between 2021 and 2023, 55% of which has already been committed.

Engie added that it expects a new performance plan to contribute EUR600 million in earnings before interest and taxes during the period 2021 to 2023.

A new business named Bright is on track to being managed independently within the company by July 1, Engie said, adding that it doesn't assume any contribution to earnings in the mid-term.

For the quarter ending March 31, Engie said its earnings and revenue increase slightly on-year. Earnings before interest and taxes were EUR2.07 billion in the period, up from EUR1.91 billion the previous year, while earnings before interest, taxes, depreciation and amortization came in at EUR3.22 billion, compared with EUR3.06 billion the year prior. Revenue rose to EUR16.87 billion from EUR16.49 the year prior, Engie said.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

May 18, 2021 03:05 ET (07:05 GMT)

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