Shares of Origin Energy (ASX:ORG) have experienced a significant rise, increasing as much as 2.15% to A$8.54.

This marks the largest intraday gain the Australia-based energy company has seen since March 27.

Further, the company’s stock has hit its highest level since July 31.

Origin Energy, the second-largest power producer in Australia, has reported a nearly 84% rise in FY23 underlying profit amounting to A$747 million.

The company anticipates that its main electricity-selling arm’s operating earnings will continue to grow into FY24.

Origin Energy has predicted FY24 underlying EBITDA for its main revenue driver, Energy Markets, to fall between A$1.30 billion and A$1.70 billion, which excludes Octopus Energy.

This forecast significantly overshadows the A$1.04 billion reported in FY23.

Finally, the company has declared a final dividend of 20 Australian cents per share.

As of the last close, ORG had risen 8.3% YTD.

Origin Energy (ASX:ORG) is Australia’s second-largest power producer.