Galp benefit from higher operating performance and better market conditions in the first nine months of the year. And back to profit: Attributed net reached EUR 1,020 million, adjusted net also increased by +86%) and gross operating result –EBITDA– adjusted (+73%) to € 608 million and € 2,897 million, respectively; and billing It increased 82% to 20,651 million. But it didn’t get applause in the stock market (-2.88%)… Something affected by the fact that the Portuguese government announced a gas cut a few days ago and branded it as an alarmist. reduce the production and supply of its main supplier, Nigeria LNG LimitedDue to heavy flooding in that African country.
The Portuguese oil company continued to invest in the first nine months of the year, taking into account both its big business (known as). upstreami.e. the discovery and production of hydrocarbons) and the energy transition (for example, through renewable energies). They capital network increased to 924 million and It also included the acquisition of a 215% stake in Titan Solar, which it did not yet own.joint venture with DHW then when he bought some of Zero-E’s assets Florentine Perez transferred his stake Cobra (Company selling to the French industrial group crane). Free cash flow increased to 944 million and there was strong cash generation, including dividends and repurchases. net debt 261 million to 2.096 million, representing 0.6 times EBITDA. Additionally, net debt would have been even lower if inorganic movements related to the operation of Titan Solar were excluded: about 390 million.
Net investment outlay rose to 924 million and included buying a 215% stake in Titan Solar, the joint company he formed with ACS when Florentino Pérez bought some of his Zero-E assets, which he did not yet own. later transferred its participation to Cobra (company sold to French industrial group Vinci)
In the third quarter, adjusted EBITDA rose 29% to 784 million, emphasizing 612 million (+17%). upstream and 103 million (+18%) commercial business as natural gas and electricity sales are affected by the reduction in industrial activity. Adjusted net income was 187 million, 16% higher than a year ago, although slightly lower than the previous quarter, with Galp gaining 265 million in hard and cold numbers. Production increased by 7% between July and September.
Work from January to September upstream It also contributed most of Ebitda: specifically 2,292 million, 61% of the total 2,897 million compared to a year ago. Industry and energy management jobs follow with approximately 500 million; commercial segment with 256 million (+12%); and the renewable energy sector, with 34 million compared to losses a year ago.
Its transformation includes, for example, transforming 557 service stations in Spain into nerve centers for sustainable mobility and different services.
The Portuguese oil company owns 59.18% of its shareholders. public opennessthat is, in the hands of the market (among which there are various institutional investors such as two American investment management companies –Massachusetts Financial Services Corporation Y T. Rowe Price Group-). The remainder of the capital is distributed among: 7.48% parpublic (vehicle for shares of the Portuguese State) and 33.34% Love Energy. The latter is based in the Netherlands and its shareholders are two companies controlled by the Netherlands. Amorim Portuguese family and another guide Sonangol -Angolan state oil company-.
Andy BrownLeaving Galp’s CEO position on December 31, he thanked “the people at Galp for their unconditional support over the past two years” and is confident that the company will continue to “transform, decarbonize and grow profitably.” In addition, he emphasized that during his time at the company, he saw the company “evolve towards becoming a more open, dynamic and profitable company by adapting its portfolio to the cleaner energies of the future”. And within that transformation, for example, includes turning 557 service stations in Spain into nerve centers for sustainable mobility and “places accessible to consumers from a range of restaurants.” prizehave a coffee, wash, refuel or fill the car, even take an online order or make a weekly purchase,” he stressed. Joao Diogo, country manager Galp Spain and head a few days ago Galp Iberia’s B2C (business to consumer)
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