Galp profits soar 68% in first half of 2018

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Galp Energia reported profits of €387 million in the first half of 2018, up 68% on the same period in 2017.

The improved results are down to increased production and an increase in petrol prices.

The oil and gas company states that its EBITDA (results before interest, taxes, depreciation and amortisation) stood at €1Bn in the first six months of the year, +26% than on the same period last year.

This result was “supported by an increase in production and in the price of petrol and natural gas on the back of exploration and production and despite a fall in the value of the US dollar.

The results were published on Monday by the Portuguese stock market commission CMVM.