16 May 2019 | Herpreet Kaur Grewal
French-based FM-to-energy group Engie has reported that its revenues have grown since last year in its financial results for the year ending March 31.
The multinational operator unveiled revenues of 18.8 billion compared with 17.5 billion for the same period last year.
It said organic revenue growth was primarily driven by "favourable market conditions for global energy management activities, by thermal energy in Europe, wide-ranging momentum in Latin America (dynamic energy allocation and commissioning of new wind and solar farms in Brazil, higher gas distribution tariffs in Mexico and PPA (power purchase agreement) portfolio growth in Chile) and growth in client solutions in France".
However, the group also remarked that "cash flow from operations decreased significantly due to timing effects from commodity related margin calls, notwithstanding broadly stable operating cash flow", but that it expected "a substantial improvement of the cash flow from operations for the full-year 2019".