Spectacular growth for Veolia driven by the absorption of Suez
Veolia announced record results for the year 2022, with net profit up 30%, exceeding one billion euros for the first time. This performance is largely due to the absorption of a large part of the assets of rival Suez.
| Sectors | Nuclear Energy, Waste, Energy Issues |
|---|---|
| Themes | Markets & Finance |
| Companies | Veolia, Suez |
| Countries | France |
Veolia announced record results for the year 2022, with net profit up 30%, exceeding one billion euros for the first time. The water and waste management company’s revenues also grew spectacularly, reaching €42.9 billion at constant exchange rates, up almost 50%. This performance is largely due to the absorption of a large part of the assets of rival Suez.
Growth driven by energy
Veolia’s net profit reached 1.162 billion euros, driven by new contracts, particularly in energy, but also by a program of cost savings and synergies. The group’s CEO, Estelle Brachlianoff, hailed the results on Thursday, saying they were “above all our objectives, for a historic year on all fronts”. Ms. Brachlianoff also emphasized that the integration of Suez assets and some 40,000 employees was a “complete success, in human, financial and operational terms”.
Veolia in a new dimension
According to the CEO, Veolia is now “in a new dimension, more international, more innovative, more agile and on a very good track. She added that de-pollution, decarbonization and regeneration of resources are major markets, valued at several hundred billion euros. These markets “are growing faster in the global economy, they have particular support in regulations, and we are well positioned,” she said.
