MVV raises profit by 8%, to keep dividend stable

MVV Energie AG

14/12/2022 09:00

FRANKFURT, Dec 14 (Reuters) - German regional utility
MVV Energie  MVVGn.DE  on Wednesday posted an 8% rise in annual
profit and proposed a stable dividend from 2021, and said it
expects to keep earnings at a similar level next year.
    MVV, in which Mitsubishi UFJ Financial Group's  8306.T 
First Sentier Investors owns a 45.1% stake, said it planned to
pay shareholders a dividend of 1.05 euros per share for 2022. 
    Adjusted earnings before interest and tax (EBIT) rose to 298
million euros ($314.12 million) in the utility's fiscal year to
September from 275 million euros a year earlier, not counting in
a one-off disposal gain of 55 million euros, it said.
    It cited the successful direct marketing of renewable energy
in its trading division and positive developments of plants for
waste recycling and biomass generation and of those in MVV's own
portfolio of renewable generation.
    The forecast for unchanged operating earnings at the firm,
which is majority-owned by the city of Mannheim where it is
based, in 2022/23 also excludes one-off items, it stressed.
    ($1 = 0.9487 euros)
 (Reporting by Vera Eckert, editing by Maria Sheahan)
 ((vera.eckert@thomsonreuters.com; +49 30 2201 33654;
@EckertVera;))