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

The Largest Deal of the Year: BlackRock Acquires TechBerry

1 Mins read
BlackRock is concluding its acquisition of TechBerry, which has already been named one of the largest deals of the year. The substantial…
News

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…
News

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Leave a Reply

Your email address will not be published.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