MVV Energie raises dividend after record profit

MVV Energie AG

14/12/2021 09:00

FRANKFURT, Dec 14 (Reuters) - German regional utility MVV
Energie  MVVGn.DE  on Tuesday posted record annual profit,
proposed an increased dividend and said it expects earnings to
rise further next year.
    MVV, in which Mitsubishi UFJ Financial Group's  8306.T 
First Sentier Investors owns a 45.1% stake, said it planned to
raise its dividend to 1.05 euros per share for 2021 from 0.95
euros in the previous year.
    "Despite the ongoing coronavirus pandemic and challenging
conditions in the energy industry and on the markets, we can
look back on a very successful financial year with the best
earnings in our company's history," CEO Georg Mueller said.
    Adjusted earnings before interest and tax (EBIT) rose 19% to
278 million euros ($314 million) in the utility's fiscal year to
September, it said, boosted by the project development business
of MVV's renewables units.
    The company, which is majority-owned by the city of Mannheim
where it is based, expects 2022 earnings to notably exceed the
prior year figure, it said.

($1 = 0.8861 euros)

 (Reporting by Christoph Steitz
Editing by Riham Alkousaa)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))