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Galp's profits almost double to 881 million euros in 2022

2021 value was 457 million euros


Galp recorded, in 2022, profits of 881 million euros, almost double what it made in the previous year, according to a statement published this Monday by the Portuguese Securities Market Commission (CMVM). This figure compares with the 457 million euros that Galp had recorded in 2021.

The oil company reached an EBITDA (earnings before interest, taxes, depreciation and amortization) last year of 3,849 million euros, up 66% year-on-year, according to the statement.

The net 'capex' (investment) reached 1,266 million euros, having been "mainly applied in 'upstream' projects, namely the Bacalhau, Tupi and Iracema projects, in Brazil, and with the expansion of the renewable 'portfolio', including the acquisition of the position in Titan Solar", the information highlights.

The company also obtained an adjusted operational cash flow (OCF) of 2,788 million euros, 50% higher than 2021.

As for the fourth quarter of last year, Galp highlighted its "robust operational performance", with an adjusted EBITDA of 951 million euros, a 48% growth over the same period last year.

In the same period, Galp obtained adjusted results of 273 million euros, which benefited from "positive financial results" related to Brent and other factors, including refining margins and the evolution of the gas price differential in the Iberian Peninsula, it indicated.

In the last quarter of last year, Galp's upstream adjusted EBITDA was 791 million euros, up 33% year-on-year, "supported by improved operating performance and the favorable environment for oil prices," Galp said.

On the other hand, in renewables and new businesses, Galp obtained an adjusted EBITDA of 17 million euros, with installed capacity in renewables reaching 1.4 GW (gigawatts).

In the industrial and midstream segment, adjusted EBITDA was €118 million, supported by the contribution of industrial activities and benefiting from the improved context of international refining, the company pointed out.

Finally, in the commercial area, adjusted EBITDA was €42 million.

For the full year 2022, net debt reached 1,555 million euros, having decreased by 802 million euros compared to that recorded at the end of 2021.

The group set up a provision of 60 million euros for the transformation of the site of the former Matosinhos refinery, reads the statement released today.

The company also made a provision of 53 million euros, related to the so-called "windfall taxes", or taxes for excessive profits in Portugal and Spain, detailed.

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