MET Group Achieves Second Highest Profitability in 2023, Expands Global Renewable Energy Footprint

In 2023, Swiss-based MET Group recorded its second-highest financial results in company history, demonstrating robust performance in a less volatile market environment. The company achieved a consolidated revenue of EUR 24.5 billion, a decrease from the previous year’s EUR 41.5 billion, attributed to a lower price environment.

MET Group capitalized on its integrated business model to sustain profitability and expand its financial capabilities, including launching a new EUR 1.33 billion Borrowing Base Facility along with several bilateral arrangements. This move underscores the confidence of its financial partners in MET’s business strategies and risk management.

In line with its commitment to the energy transition, MET Group has commissioned three new solar parks in Spain and Hungary, boosting its total generation capacity to 391 MW. The company also ventured into new markets, initiating projects in Switzerland, Germany, and Poland, aiming to deepen its role in renewable energy development.

MET’s Sales & Trading segment saw significant growth, particularly with its entry into the French market and the expansion of its liquefied natural gas (LNG) business. The company boasts a diverse LNG import structure across Europe and has secured long-term capacities in Germany, Spain, and Croatia. Over the past two years, MET has delivered approximately 2 million tonnes per annum, translating to 30-40 cargoes annually across eight countries.

The year also marked the opening of MET Group’s Singapore office. MET Asia, which is primarily owned by MET Group with a minority stake held by Keppel, will focus on developing the group’s LNG portfolio and pursuing local asset strategies in Asia.

MET Group now employs nearly 1,000 people across 15 countries, showcasing a diverse workforce from over 50 nationalities. Benjamin Lakatos, Chairman and CEO of MET Group, praised the company’s resilience and adaptability, stating that MET demonstrated its strength and profitability in a stabilizing market in 2023, building on its experience navigating turbulent market conditions in 2022. Lakatos emphasized the company’s dedication to leveraging its skilled international team to navigate the ongoing energy transition successfully.