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.


Be the first to comment on this article
Interactive Topics, send us your comments/opinion on this article.

Please note that The Portugal News may use selected comments in the printed edition of the newspaper.