Galp will pay dividends. Portuguese Government earns 23.6 million euros

  • ECO News
  • 24 April 2020

The company shareholders approved the distribution of 318.2 million in dividends. As the oil company's second largest shareholder, the Portuguese Government will earn 23 million euros.

Galp Energia will pay dividends. At Friday’s annual general meeting, the oil company’s shareholders approved an additional payment of 318.2 million euros in dividends. As a shareholder, the Portuguese Government will earn a total of 23.6 million euros.

Galp Energia shareholders approved the company’s proposal to pay a remuneration corresponding to around 0.38 euros per share, which added to the almost 0.32 euros anticipated in September of last year, brings the overall dividend for the 2019 activity to around 0.70 cents per share.

Adding the 318.2 million euros now approved to the approximately 262.25 million euros already distributed in advance last year, the oil company’s shareholders will receive almost 580.5 million euros in dividends.

The amount to be distributed to shareholders, which corresponds to an increase of 10% in relation to the 2018 remuneration, rewards them in relation to the performance achieved by Galp Energia last year. The company led by Carlos Gomes da Silva recorded profits of 560 million euros in 2019, a fall of 21% compared to 2018 conditioned by the decline of oil prices in international markets, which reduced its refining margin by 38%.