FRANKFURT, March 12 (Reuters) - RWE, Germany’s biggest electricity producer, on Thursday reported core profit at the top end of its range, citing a high performance of its trading arm and strong returns on gas sales while raising key targets for 2020.
The group achieved adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 2.1 billion euros ($2.37 billion) in 2019, while adjusted net income came in at 1.2 billion euros.
This was up from 1.5 billion adjusted EBITDA and 501 million euros adjusted net income in 2018. Both figures were at the top end of guidance ranges given in November.
The Supply & Trading unit’s adjusted EBITDA alone nearly trebled to 702 million.
The company intends to achieve between 2.7 billion and 3 billion euros adjusted EBITDA for 2020 and adjusted net income of 850 million and 1.15 billion euros.
$1 = 0.8853 euros Reporting by Vera Eckert; editing by Thomas Seythal