Galp Profits Soar 44% on High Oil Prices
Galp's profits surged by 44% in the first half of this year, reaching €812 million. The increase was largely due to soaring oil prices caused by the conflict in the Middle East and the closure of the Strait of Hormuz.
The company's revenues totalled €11,833 million in the first six months of the year, a 20% increase compared to the same period last year. Galp's debt remained virtually unchanged at €1.38Bn during the second quarter.
The company now expects to reach €4Bn in EBITDA (earnings before interest, taxes, depreciation, and amortisation) this year, a significant increase from its previous forecast of €2.6Bn as the minimum limit for EBITDA in 2026. The oil production estimate has also been updated to around 130,000 barrels or equivalent per day.