Galp announced on Monday that it achieved net results of €718 million in the first nine months, up 18% on the same period in 2022, thanks to “good results” across all business units.
In a statement sent to the Securities Market Commission (CMVM), Galp states that EBITDA (result before taxes) amounted to 2.838 million euros, down 2% compared to the same period last year.
“The retail segment maintained its strong performance, with the FMCG segment’s contribution increasing by 12% year-on-year to €61 million, now representing 24% of commercial EBITDA,” he adds.
The result reflects “better operating performance that offset lower commodity prices recorded during the period” and the absence of the Angola facility following its sale this year.
By category, upstream EBITDA was €1.664 million, down 27% on the previous year after excluding Angola’s contribution, and also reflecting “an environment of lower oil and gas prices.”
In the Industrial and Medium Business division, EBITDA reached €833 million in the first nine months of the year, compared with €333 million a year earlier.
Galp states that “total petroleum products sales volumes decreased by 4% year-on-year to 5.3 million tonnes, with a more difficult situation in some B2B segments in Spain more than offsetting the improvement in demand seen in Portugal, especially in the aviation sector” .
“Sales of natural gas and electricity amounted to 10.4 TWh and 2.7 TWh respectively, representing a decrease of 30% and 15% due to lower demand in the Iberian Peninsula and lower sales in the B2B segment compared to the previous year. “, the oil company explains.
The oil company also indicates that during this period the company continued to transform its business to enhance convenience and expand its regional leadership in electric vehicle charging.”
At the end of the period, Galp had a total of 3,374 charging points in Portugal and Spain, an increase of 43% compared to the end of 2022.
The group has raised its outlook for 2023 and expects to end the year with average oil production of 120,000 barrels per day (up from a forecast of 115,000 barrels per day) and make a total investment of 1,100 million euros.
Net debt fell from €1.363 million at the end of June to €1.211 million at the end of September.