PARIS (Reuters) – Veolia published sharply higher results for the first quarter of 2024 on Tuesday, driven in particular by water technologies and its efficiency plan, and confirmed its annual objectives.

The French specialist in water, waste and energy management reiterated in a press release that for the current financial year it was targeting a current net profit, group share, of more than 1.5 billion euros and an organic increase in its Ebitda of between 5% and 6%, with “solid” organic growth in its sales.

Veolia also confirmed the prospects of its GreenUp strategic plan, presented at the end of February.

“This quarter allows us to begin our GreenUp strategic plan under very good auspices and confirms the relevance of the choices we have made (…), with activities that will boost growth which are entirely on target” , declared its general director, Estelle Brachlianoff, during a conference call.

Veolia also announced on Tuesday that it had won a $320 million (297 million euros) contract to design and supply key technology for the Hassyan seawater desalination plant in Dubai.

At the end of March, the group recorded current operating income (Ebit) of 843 million euros (+11.1% at constant scope and exchange rates), earnings before interest, taxes, depreciation and amortization (Ebitda) of 1.6 billion (+5.7% at constant scope and exchange rates) and a turnover of 11.6 billion (+3.9% excluding energy price effect).

The Water Technologies activity generated sales of 1.2 billion euros, up 15.3%, with order intake of 1.0 billion as of March 31, up 31%.

The group is still targeting cost savings of more than 350 million euros for the whole of 2024, to which are added new expected synergies with Suez, for a cumulative amount greater than 400 million at the end of the year, in line with a cumulative goal of 500 million.

(Report by Benjamin Mallet, edited by Nicolas Delame)

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