According to a statement released this Monday by the Securities Markets Commission (CMVM), Galp recorded a profit of 881 million euros in 2022, almost double that of the previous year. This value is comparable to the 457 million euros that Galp registered in 2021.
According to the statement, the oil company achieved EBITDA (earnings before taxes, interest, depreciation and amortization) last year of 3,849 million euros, an increase of 66% in the same terms.
Net “capex” (investments) reached €1,266 million, being “mainly invested in upstream projects, namely [projetos de] Bacalhau, Tupi and Iracema in Brazil, as well as the expansion of the “portfolio” of renewable energy, including the acquisition of a position in Titan Solar.
The company also generated adjusted operating cash flow (OCF) of €2,788 million, up 50% from 2021.
As for the fourth quarter of last year, Galp highlighted its “strong operating performance” with adjusted EBITDA of €951 million, up 48% year-over-year.
During the same period, Galp received adjusted results of €273 million, which were impacted by “positive financial results” related to Brent oil and other factors, including refining margins and changes in gas price differentials in the Iberian Peninsula.
In the last quarter of last year, Galp’s upstream adjusted EBITDA was €791 million, up 33% year-on-year, “due to improved operating performance and a favorable oil price environment.” Galp.
On the other hand, in the area of renewables and new businesses, Galp achieved an Adjusted EBITDA of €17 million and installed capacity in the area of renewables reached 1.4 GW (gigawatts).
In the industrial and mid-stream segments, adjusted EBITDA was €118 million, driven by the contribution of industrial activity and an improvement in international refining, the company said.
Finally, in the commercial sector, adjusted EBITDA was €42 million.
In total for 2022, net debt reached EUR 1,555 million, a decrease of EUR 802 million compared to the figure at the end of 2021.
The group has allocated 60 million euros to transform the site of the former Matosinhos refinery, according to a statement released today.
The company has also set up a €53 million reserve related to so-called “unforeseen taxes”, i.e. taxes on excess profits, in Portugal and Spain, he said.
Author: Portuguese
Source: CM Jornal
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