Galp Energia profit up 23% to €707M in 2018

By TPN/Lusa, in News · 12-02-2019 06:41:00 · 0 Comments
Galp Energia profit up 23% to €707M in 2018

Portuguese oil and gas company Galp saw its profits rise 23% to €707 million in 2018 compared to the previous year, driven by new oil and natural gas exploration platforms in Brazil, the company announced on Monday.

In a statement to the market, Galp Energia reported that the adjusted annual net income totalled €707 million, 23% more than in 2017, and increased by 24% to €741 million, according to International Financial Reporting Standards (IFRS).

In the fourth quarter of 2018, the profit decreased 42% in annual terms to €109 million (€44 million in IFRS).

The earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2018 increased by 24% in annual terms to €2.2 billion, almost two thirds of which came from exploration and production activities, a business that was responsible for less than half of the group's total EBITDA the previous year, the company said.


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