Galp profits exceed €1Bn in 2023

The Portuguese energy company Galp posted adjusted profits of €1.2Bn in 2023; an increase of 14% on the €881 million registered in 2022.

The company’s adjusted EBITDA fell 8% in like-for-like terms to €3.5Bn. In the 4th quarter Galp’s operational performance was “robust” derived from an “upstream and continued contribution of midstream, although limited in terms of refining because of the large scale renovation at Sines”, states Galp.
In this context, adjusted profits for the last three months of the year rose to €248 million, slightly above the €273 million for the like-for-like period, and significantly above estimates from analysts who pointed to €174.2 million.
In turn, adjusted EBITDA for Q4 was below market estimates, standing at €720 million, a like-for-like fall of 24%. Analysts had expected €756.1 million.
Last year’s CAPEX rose to €859 million, comparing to €1.2Bn in 2022. This amount considered the “€209 million in advances received and other gains related to the selloff of upstream assets in Angola” whose completion is expected by the end of the first half of 2024.
Net debt fell by 10% to €1.4Bn at the end of 2023. Galp’s board, led by Filipe Silva, also indicated that it would propose an increase in dividends in 2024 to €0.54 per share, and a programme of shares buyback to the general assembly of shareholders, to be carried out throughout the current year to the amount of €350 million, with the goal of “reducing equity capital.”