Galp Energia's Profit Soars: A 41% Leap in Q1
Galp Energia, a Portuguese energy firm, reported a 41% rise in its first-quarter core profit, surpassing expectations due to increased oil production in Brazil and stronger crude prices. The company's EBITDA reached 943 million euros, driven by enhanced output and a higher average Brent price.
- Country:
- Portugal
On Monday, Galp Energia, a Portuguese energy company, announced an impressive 41% increase in its first-quarter adjusted core profit. This surge exceeded market expectations, fueled by a rise in oil production from Brazilian offshore fields and robust crude prices.
Galp's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at 943 million euros, outstripping the consensus forecast of 890 million euros provided by the company. The substantial profits from its Brazilian operations underscored this growth.
Boosted by a 78% rise in earnings from Brazilian offshore oil extraction and an increase in average Brent crude prices to $81.1 per barrel, Galp's adjusted net profit also rose 41% to 272 million euros, aligning with predictions.
(With inputs from agencies.)
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