Portuguese oil and gas company Galp Energia on Monday reported a record adjusted net profit for 2022, due to soaring oil prices and wider refining margins in the fourth quarter.
on Monday reported a record adjusted net profit for 2022, due to soaring oil prices and wider refining margins in the fourth quarter.
Galp said its adjusted profit almost doubled to 881 million euros , surpassing the previous record of 707 million euros set in 2018. Its fourth-quarter bottom line more than doubled to 273 million euros, compared with 130 million euros a year earlier.The adjustments reflect changes in the company's crude stocks.
Galp's main activity is upstream in the rich 'off shore' of Brazil and the company also runs renewable energy plants. Adjusted earnings before interest, taxes, depreciation and amortisation rose 48% to 951 million euros in the fourth quarter, in line with the average forecast. Adjusted EBITDA for the full year rose 66% to 3.85 billion euros.
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