Galp Energia’s profits more than doubled in the first half of the year, the company announced Monday in a statement sent to the CMVM. The results were due to the positive effect of the rise in oil prices and the increase in refining margins in the context of the war in Ukraine and the sanctions applied to Russia.
Net profit reached 420 million euros in the first half of the year, 254 million more than the 166 million obtained in the first six months of 2021. In the second quarter, profit (adjusted) was 265 million euros, a 90% increase compared to the same period last year.
The business area that contributed the most to the increase in operating income was upstream, earning 1,600 million in oil extraction, 86% more than last year. The refining area also grew, with 285 million euros in revenue. The commercial part (sales of refined products) grew by 8%, to 153 million euros.
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Source: Observadora
