Oil company Galp recorded a profit of 420 million euros in the first half of the year, an improvement of 153% compared to the first six months of last year, when it had a result of 166 million, the company announced this Monday.
In a statement sent to the Securities Market Commission (CMVM), Galp indicates that earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 2,114 million euros, which represents an increase of 97% in relation to the first half of 2021.
The improvement in results is due to “favorable market conditions”, as a result of the rise in oil prices on international markets, worsened in particular with the outbreak of the war in Ukraine, and to the performance of the refining business.
In the second quarter alone, EBITDA amounted to 1,244 million euros, a difference of more than 600 million euros in relation to the value recorded in the same period of the previous year (571 million).
In that period, from April to June, the results “reflect a robust operational performance, with the company successfully capturing the favorable market conditions, namely in the activities of upstream [extracção]refining and renewables”, says Galp in the statement.
The rise in oil prices was already felt in the quarter of 2021 (in which Galp recorded a profit of 130 million euros) and in the first three months of this year (when the result grew to 155 million euros), followed by if now a profit of 265 million in the second quarter.
The extraction business was boosted by the rise in prices, taking EBITDA from this area to 878 million euros
The commercial area, where the sale of fuel at filling stations is accounted for, closed with an EBITDA result of 153 million euros, growing 8% compared to the first quarter of last year (the difference is 11 million euros).
The area of renewables and new businesses recorded a negative result. The loss amounted to five million, which represents a recovery from what was recorded in the first six months of last year (a loss of eight million euros).
Galp’s net debt increased by 28% compared to the value observed at the end of the first half of last year, reaching 2185 million euros, despite having fallen by 207 million euros compared to the end of the first quarter of this year.
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