Galp Energia profit up 23% to €707M in 2018

  • ECO News
  • 11 February 2019

Galp Energia's net income totalled €707 million, up by 23% in comparison to 2017. Galp will increase dividend distribution by 15%, and shareholders shall get 74% of the company's 2018 profits.

Portuguese oil and gas company Galp saw its profits rise 23% to €707 million in 2018 compared to the previous year, driven by new oil and natural gas exploration platforms in Brazil, the company announced on Monday.

In a statement to the market, Galp Energia reported that the adjusted annual net income totalled €707 million, 23% more than in 2017, according to International Financial Reporting Standards (IFRS). The oil company has also proposed a 15% increase in dividends, at 63 cents per share, which means that shareholders will receive about 74% of the profits recorded by the company last year.

In the fourth quarter of 2018, the profit decreased 42% in annual terms to €109 million (€44 million in IFRS).

The earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2018 increased by 24% in annual terms, to €2.2 billion, having increased by 4% in the last quarter of the year, to €493m.

Investment reached €900bn this year; the payments connected to Brazil’s investment were registered on the upstream section.

Considering that Galp has a total of 829 million shares, shareholders should be receiving €522.4m in dividends, which translates into 74% of 2018’s profits.