By Nathan Allen
Eni SpA (ENI.MI) said Friday that earnings fell sharply in the fourth quarter, while sales and adjusted earnings rose.
The Italian oil major said quarterly net profit fell 76% to 499 million euros from EUR2.05 billion a year earlier. Eni attributed the disparity to gains of EUR2.7 billion booked in the year-earlier period on the sale of stakes in projects in Egypt and Mozambique.
Adjusted operating profit for the quarter, which strips out the effects of these one-off gains, rose to EUR2.99 billion from EUR2.00 billion, outstripping a company-compiled consensus of EUR2.88 billion. Sales rose to EUR20.04 billion from 17.55 billion, the company said.
Eni said oil-and-gas production edged down to 1.87 million barrels of oil equivalent a day from 1.89 million barrels a day, in 2017.
The company proposed raising the dividend to EUR0.83 a share--of which EUR0.42 has already been paid as an interim dividend--from EUR0.80 a year earlier.