Lisbon, July 22, 2024 (Lusa) - Portugal's Galp Energia recorded profits of €624 million in the first half of this year, an increase of 23% over the same period last year, as second-quarter profits climbed 16% to €299 million, the energy company said in a statement to the country's Securities Markets Commission (CMVM).

In the same period, the group achieved an EBITDA (earnings before tax, interest, amortisation and depreciation) of €1.788 billion, a figure similar to that obtained in the same period of 2024.

The company said in the same statement that these figures show a "robust" operational performance in this period.

"Investments amounted to €241 m, directed mainly towards the execution of upstream projects, namely Bacalhau, and industrial low carbon developments in Sines, in particular the construction works in the Advanced Biofuels unit (HVO/SAF)," it detailed. "During the period, divestment proceeds amounted to €518 m, mainly related to the completion of the Angolan upstream assets’ farm-out.

"Net debt decreased €348 m to c.€1.2 bn, considering the strong operating performance as well as the proceeds collected, and after dividend to minorities of €93 m, the payment of the second semi-annual dividend tranche of €206 m and share buybacks of €85 m."

ALN/ARO // ARO.

Lusa