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.
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.
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.
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.