Galp Energia Defies Market Expectations with Profit Surge

Galp Energia reported a significant increase in its fourth-quarter net profit, more than doubling due to asset sales. Despite challenges like weaker oil prices and refinery outages, the company's earnings surpassed expectations, with a noteworthy full-year adjusted net profit rise of 20%.

Portugal's Galp Energia announced a remarkable spike in their adjusted net profit for the fourth quarter, attributed to lucrative asset sales. The oil and gas giant recorded a profit of 182 million euros, surpassing analysts' predictions and last year's figure of 71 million euros, despite facing weaker oil prices and a considerable outage at its refinery.

The company's EBITDA showed a slight decline to 619 million euros but still managed to exceed the anticipated 604 million euros. Galp's full-year adjusted net profit rose dramatically by 20%, hitting a record 1.15 billion euros.

In a move to reward shareholders, Galp plans to increase the 2025 dividend by 4% to 0.64 euros per share. Additionally, the company is set to initiate a 250 million euro share buyback program commencing in March.

(With inputs from agencies.)