Galp Q3 profit of €161M against year-ago loss lifts 9M profit to €327M
According to CMVM, in the nine months to September, the company made a profit of €327 million, against a loss of €45 million in the first nine months of last year.
Portugal’s Galp Energia on Monday reported a third-quarter profit of €161 million, against a loss of €23 million in the same period last year, bringing the profit for the first nine months of the year to €327 million.
According to the results statement released via Portugal’s Securities Markets Commission (CMVM), in the nine months to September, the company made a profit of €327 million, against a loss of €45 million in the first nine months of last year.
In the third quarter alone, EBITDA (earnings before interest, taxes, depreciation and amortisation) was up 51% year on year to €607 million. In the first nine months of the year, EBITDA was €1.678 billion, 45% more than the same period last year, “benefiting from improved market conditions.”
According to Galp, adjusted operating cash flow (OCF) was €468 million in the third quarter, up €143 million year on year, “supported by the higher contribution from Upstream and a better performance of industrial activities.” For the nine months as a whole, OCF totalled €1.383 billion, a 59% year on year increase.
Net debt at the end of the third quarter was said to be down 3% year-on-year at €2.028 billion.
Galp Energia’s production in the third quarter was 128,200 barrels per day of oil equivalent, down 4% year on year, “mainly impacted by planned maintenance activities that restricted natural gas exports,” it said, adding that gas accounted for 8% of Galp’s upstream production.
In Brazil, production was down 4% year-on-year to 115,700 barrels per day, with “the continued ramp-up of FPSOs Tupi Norte, Berbigão/Sururu and Atapu and the start of production at Sépia in August, which did not offset maintenance activities,” it added.
Sales of oil products in the third quarter was up 8% on the same period last year, but sales of oil products to customers in the were up 15% year on year at 1.8 million tonnes, “reflecting the recovery of demand in the Iberian Peninsula,” the company said.
As for natural gas sales to customers, they were down 18% year-on-year to 4.4 terawatt-hours (TWh), “due to lower sales in the B2B segment in Spain,” while electricity sales in the third quarter totalled 1.086 TWh, an increase of 25%.
