Galp Energia Reports Strong Q3 Earnings

Galp Energia, the Portuguese energy company, has announced that its core earnings have increased in the third quarter of the year. This positive performance, along with slightly higher-than-anticipated commodity prices, has prompted the company to raise its full-year guidance.

In Q3, Galp Energia reported a net profit of 303 million euros ($320.1 million), a slight decrease from the same period last year when it was at 307 million euros. However, earnings before interest, taxes, depreciation and amortization saw a significant jump to 1.22 billion euros compared to 630 million euros previously. The company’s EBIT also rose to 903 million euros from 281 million euros.

Galp Energia’s Chief Executive, Filipe Silva, highlighted the strong quarter and attributed it to the company’s Brazilian assets. He stated, “This was a strong quarter for Galp, with good operational momentum led by the performance in our Brazilian assets. Our robust financial performance was reflected across all business units.”

Although sales fell from 7.68 billion euros to 5.32 billion euros in comparison to the previous year, Galp Energia remains optimistic about its full-year outlook. The company now expects operating cash flow to exceed 2.3 billion euros, up from its previous estimate of around 2.2 billion euros. Additionally, adjusted EBITDA is projected to surpass 3.5 billion euros, compared to the previous expectation of approximately 3.2 billion euros.

Galp Energia’s performance reflects its ongoing commitment to deliver strong results and adapt to market conditions.