Italian energy group Eni ENI.MI said on Thursday its adjusted net profit rose to 13.3 billion euros ($14.12 billion) in 2022, the largest in more than a decade.

In the fourth quarter the adjusted net profit came in at 2.5 billion euros, just above an analyst consensus of 2.49 billion euros provided by the company.

The state-controlled group’s 2022 performance was boosted by a heightened focus on energy security and a spike in energy prices caused by the conflict in Ukraine.

“During the year, we were able to finalise agreements and activities to fully replace Russian gas by 2025, leveraging our strong relationships with producing states and fast-track development approach to ramp-up volumes from Algeria, Egypt, Mozambique, Congo and Qatar,” Eni’s CEO Claudio Descalzi said in a statement.

In the final part of the year, however, a fall in oil and gas prices from previous peaks weighed on Eni’s exploration & production (E&P) business and its gas and LNG division, leading to a slowdown versus the previous quarters.

The group also pushed ahead last year in the development of its renewable and retail unit Plenitude, which reached an installed capacity of 2.2 gigawatt (GW) for green energy, and of a newly-established Sustainable Mobility unit.
Source: Reuters (Reporting by Francesca Landini, editing by Gavin Jones)