MILAN, Oct 28 — Italian energy giant Eni said today it had almost quintupled its net profit in the third quarter, to €5.86 billion, due to soaring gas prices linked to the Ukraine war.

The result was well above the consensus of analysts at Factset, who expected a profit of €2.15 billion.

Eni has already made €13.26 billion in net profit in nine months, significantly more than for the whole of last year (€6.12 billion).

Turnover doubled in the third quarter, rising to €37.3 billion, a result again well above analysts' expectations.

Net profit was boosted by an exceptional gain of €2.45 billion from the contribution of Eni's Angolan subsidiaries in exchange for a 50 per cent stake in a joint venture in Angola, Azule Energy, the company said.

Adjusted net profit — which excludes exceptional items — rose by 161 per cent to €3.73 billion.

Like the entire oil and gas sector, Eni benefited from a surge in prices linked to the resumption of global economic activity after the coronavirus pandemic, and the effects of Russia's invasion of Ukraine.

Its rivals have also posted huge profits in the third quarter, reviving the debate over whether they should be subject to windfall taxes.

Net profits at TotalEnergies soared 43 per cent from the same period last year to US$6.6 billion, while British energy giant Shell announced net profit totalling US$6.7 billion in the third quarter. — AFP