Repsol posts record €2.5Bn profits

 In Companies, Energy, News

The Spanish fuel group Repsol has posted a record €2.5Bn profit for 2021, returning its sales to pre-pandemic levels.

The record results were party driven by an integrated business model and an increase of raw materials, states the company.
The net profit for last year for the company led by António Bureau takes Repsol away from the red numbers seen in 2020 and 2019. In 2019 the company had invested millions in its pledge to make the company carbon neutral by 2050, the second weaker set of results on 2018 was down to the Covid-19 crisis.
The 2021 results exceeded the €2.3Bn profits posted in 2018. Repsol’s adjusted net profit stood at €2.45Bn in 2021, above the €600 million seen the previous year, also exceeding the €2.04Bn obtained in 2019.
Repsol completed the first year of its strategic plan 2021-2025 launched in November 2020 during the height of the crisis, to achieve pre-Covid-19 levels, both in terms of results for company cashflow generation, which led to a significant reduction of net debt and an increase in its commitment to renewables.
In Portugal the company is based in Lisbon and Sines while its brand is visibly seen through its network of service stations and its current project investing €42 million in 610 electric vehicle car charge points in Portugal and Spain by 2023.
Repsol started operating in Portugal in 1990, and since then it has become leaders in the marketing of fuels, lubricants, specialised products, service stations, chemical products, and direct sales to major customers in the aviation and marine sector. It is currently the largest international energy company in the Portuguese market, and is the best in terms of fuel distribution according to Exame 500. It also has stakes in Principle Power and Windplus with the aim of developing an offshore wind farm prototype.