Repsol made a net profit of 3.168 million euros in 2023, down 25.5% from the previous year, thanks to lower crude oil and gas prices, which soared in 2022 due to the conflict in Ukraine.
Adjusted net profit, which specifically measures business development, fell 26% in 2023 to 5.011 million euros, according to a company statement to the National Securities Market Commission (CNMV).
On the other hand, Repsol announced that in 2024 it will pay a cash dividend of €0.90 gross per share, up almost 30% from 2023, and will launch a new program to repurchase its own shares for a maximum of 35 million .
The general meeting will also be proposed to reduce the capital by 40 million shares, which it will implement by the end of July by repurchasing its own shares.
Gross operating result (Ebitda) was €9.254 million in 2023, down 33%, in a year when the average price of a barrel of Brent was $82.6 (down 18.5% from 2022) and Henry’s gas Khaba – 2.7 dollars. per MMBTU (measured for gas).
Repsol executive president Josu John Imaz said 2023 was an “outstanding year” with operating cash flow reaching 7.064 million euros, the second highest in the company’s history, all in the midst of “uncertain and volatile times.”
He also emphasized that during the year Repsol distributed about 2.5 billion euros to its shareholders.
Repsol’s investments in 2023 amounted to 6.167 million euros, 43% of which (more than 2.600 million) in projects on the Iberian Peninsula (Spain and Portugal) and 30% in renewable generation assets.
Repsol launched 1,100 megawatts (MW) of renewable energy last year, reaching an installed capacity of 2,800 MW, mostly in Spain.
In turn, investments in the Industrial business, which includes oil refineries, amounted to 1.161 million euros in 2023.
The adjusted result for Exploration and Production fell by 41.3% to €1.779 million and for Industry fell by 15.6% to €2.734 million: The adjusted result for the Client segment increased by 45.8% to €614 million .
Low-carbon generation recorded a drop of 47.9%, to €75 million, due to lower prices and lower volumes in combined cycle power and gas generation compared to 2022.
On the other hand, Repsol said it has responded to calls for Europe’s Next Generation Funds, which involve investments of more than €3 billion in technological innovation, decarbonization and the circular economy.
Repsol’s net debt at the end of December was €2,096 million, down 7% on the previous year, corresponding to a financial leverage level of 6.7%.
Repsol, which resorted to introducing an emergency tax on energy companies and warned in October that its continuation could condition its investments in Spain, indicated that in 2023 its tax contribution in the country amounted to 10,446 million euros, the highest of all taxes ÍBEX (35 companies).
In terms of shareholder remuneration, last year Repsol allocated €2.461 million to reward more than 520,000 of its shareholders, who received a cash dividend of €0.7 per share, up 11% from 2022.
Author: Lusa
Source: CM Jornal
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