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Repsol profits increase by 31.1% to September by €2.1Bn

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The Spanish multinational energy and petroleum company Repsol enjoyed profits of €2.1Bn in the first seven months of 2018.

The profits represent a like-for-like increase of 37.1% on 2017 according to a report issued  by the company and sent to market commissions.

In a report published by Spain’s National Markets and Securities Commission (CNMV), the energy company states that the adjusted net profit stands at €1.7Bn, an increase of 11.5% compared to the first seven months of 2017.

On the other hand, the result before taxes, interest, depreciations and amortisations (EBITDA) is €5.8Bn, an increase of 23.7%.

The multinational which has a strong presence in Portugal stressed that it had increased its petroleum products production by 3.7% in the first nine months of the year to an equivalent of 713,000 barrels of oil per day.

Repsol also announced that it has concluded an agreement this month for the construction of a floating wind farm off the Portuguese coast which will be “one of the largest in the world” with an installed capacity of 25 MW.

The European Investment Bank (EIB) stated two weeks ago that it had granted a €60 million loan to Windplus, a subsidiary of EDP, Repsol and Principle Power to construct and operate the first floating platform wind farm in the sea off the coast of Portugal’s town of Viana do Castelo.


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