Galp profits rise to €359 million in 2012

Energy company Galp Energia recorded profits of €359 million in 2012, €108 million more than in 2011.

According to a statement issued by the company, this increase was mainly due to the positive development of all business segments as a result of the increasing production of oil and natural gas in Brazil.

Galp revenues rose 10.1% to €18.5 billion in 2012, while EBITDA, a measure of a company’s ability to produce income on its operations in a given year, grew 27.3% to €1.01 billion.

Concerning the fourth quarter, the adjusted net income was €83 million, representing an increase of 10% over the same quarter in 2011.

“This development was mainly due to better results in the business segments of exploration and production, and refining and distribution, following the increase of oil and natural gas production in Brazil and improved refining margins,” the company added.

The exploration and production unit also registered a positive development, with average production increasing by 49%.

Even though Galp had sold less fuel within the country, a drop of 4.8%, the number of exports increased 23.6% outside of the Iberian Peninsula.

Regarding the refining segment and distribution, the refining margin tripled to 2.2 dollars per barrel.

The company revealed, however, that it had reduced its investments by 6% to €940 million, and added that the highest cut was in the refining and distribution unit (66%).

Galp closed the year with a total of 1,486 petrol stations (16 were closed during 2012), 588 convenience stores (seven less than in 2011) and 7,241 employees (140 less than the previous year).