News

Galp Reports Lower Net Profit for First Half

1 Mins read

Introduction

Galp, the Portuguese energy company, announced its financial results for the first half of the year, revealing a decline in net profit. However, the company remains confident in its full-year guidance despite lower-than-expected commodity prices.

Financial Performance

In the first half of 2023, Galp recorded a net profit of 603 million euros, representing a decrease from the previous year’s first-half figure of 713 million euros. Additionally, the company reported sales of 10.02 billion euros for this period, compared to 12.70 billion euros in the previous year.

During the second quarter, Galp’s earnings before interest, taxes, depreciation, and amortization (EBITDA) on an IFRS basis were 938 million euros, down from 1.55 billion euros in the same period last year. Earnings before interest and taxes (EBIT) on an IFRS basis also declined to 665 million euros from 1.21 billion euros.

Full-Year Guidance

Despite the challenges posed by lower commodity prices, Galp remains confident in its full-year EBITDA guidance. The company attributes this confidence to improved business performance.

Conclusion

Galp’s financial results for the first half of the year reflect a decrease in net profit and sales compared to the previous year. However, the company remains optimistic about its full-year outlook, emphasizing improved business performance as a key factor in maintaining its guidance.

Related posts
News

Sister has many opinions about nephew's wedding

4 Mins read
Dear Eric: I’m conflicted about whether or not to invite my sister to my son’s wedding. My sister and I have never…
News

Litecoin and USDC Mining: Earn Crypto Smarter with BSTR Miner

2 Mins read
As the cryptocurrency market expands, investors are constantly seeking honest, low-risk, and lucrative mining opportunities. The most popular assets on the market…
News

ROYAL STARS | GEORGIA NICOLS

3 Mins read
Happy Birthday for Thursday, Aug. 7, 2025: You want to help others, individually or on a larger scale. You’re determined, perceptive and…

Leave a Reply

Your email address will not be published. Required fields are marked *