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Finance

MET Group records second-best financial results in its corporate history

Swiss-based energy company MET Group continued its strong performance, recording the second-best financial results in its corporate history in 2023 on the back of a consolidated revenue of 24.5 billion euros. The company’s revenue was down from 41.5 billion euros in 2022 reflecting the lower price environment.

“In 2022, MET showcased its ability to successfully navigate the most turbulent energy markets seen in decades,” commented MET Group Chairman and CEO Benjamin Lakatos. “In 2023, the Group went on to demonstrate the inherent strength and profitability of its integrated business model in less volatile markets. Looking forward, we will continue to rely on our highly motivated, exceptional, truly international team, to thrive through the energy transition.”

MET Group managed to deepen and broaden its access to financial facilities, amongst them the launch of its new 1.33 billion euro Borrowing Base Facility alongside multiple bilateral arrangements.

As part of its growth strategy and commitment to support the Energy Transition, MET brought three new solar parks online in Spain and Hungary, now operating a total generation capacity of 391 megawatts (MW). It also deepened its renewable development funnel with new market entries into Switzerland, Germany and Poland.

Within its Sales & Trading segment, MET Group continued to expand its activities, most prominently by entering the French market. It also continued to grow its LNG business, having the most diversified LNG import structure from a geographical perspective in Europe. MET has long-term capacities in Germany, Spain and Croatia, having imported into 8 different countries – including the Mediterranean (Greece, Italy, Croatia, Spain), Northwest Europe (UK, Belgium, Germany) and the Nordic region (Finland). MET delivered about 2 million tonnes per annum (mtpa) (30-40 cargoes per year) over the last two years.

2023 also saw the opening of MET’s office in Singapore. MET Asia, a subsidiary owned 90 per cent by MET Group and 10 per cent by Keppel, will focus on developing the Group’s LNG portfolio while also actively pursuing local asset strategies.

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