In a statement sent to Portugal's Securities Markets Commission (CMVM), Galp Energia reported first-half profits of €420 million, up 153% from the same period in 2021.
Portugal’s Galp Energia, a privatised oil, gas and electricity company, had first-half profits of €420 million, up 153% from the same period in 2021, with the results reflecting what the company called a “robust operating performance”.
This compares with net profit of €166 million for the first half last year.
In a statement sent to Portugal’s Securities Markets Commission (CMVM), Galp said that in the second quarter, adjusted profit was €265 million, up from €140 million a year earlier.
“Galp’s results in the second quarter reflect robust operating performance, with the company successfully capturing favourable market conditions, namely in upstream, refining and renewables activities,” the statement read.
Adjusted earnings before tax, interest, depreciation and amortisation (EBITDA) in the first half €2.114 billion, up 97% year-on-year, with the second-quarter figure being €1.244 billion, up from €571 million a year earlier.