Galp Energia Meets Guidance Despite 4Q Net Profit Decline

Date : 02/11/2019 @ 7:35AM
Source : Dow Jones News

Galp Energia Meets Guidance Despite 4Q Net Profit Decline

   By Cristina Roca 
 

Galp Energia SGPS SA (GALP.LB) said Monday that its net profit fell in the fourth quarter but rose for the full year, and issued guidance for 2019.

Net profit was 44 million euros ($49.8 million) in the October-December period compared with EUR229 million a year earlier, the Portuguese oil-and-gas producer said.

Sales for the quarter edged up to EUR4.05 billion from EUR3.52 billion, the company said.

Galp's net profit for the year rose to EUR741 million from EUR597 million the year before, while sales for 2018 totaled EUR16.54 billion.

Analysts had expected net profit of EUR725 million on sales of EUR17.21 billion, according to a FactSet-compiled consensus.

Earnings before interest, taxes, depreciation and amortization for 2018 were EUR2.31 billion, in line with a recently raised target of EUR2.3 billion.

Galp said it expects 2019 Ebitda of between EUR2.1 billion and EUR2.2 billion, and organic capex of around EUR1 billion per year. Galp expects its Ebitda to be above the EUR3 billion mark from 2020 onwards, it said.

The energy company proposed a dividend of EUR0.63 per share for 2018, up from EUR0.55 a share last year.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

February 11, 2019 02:20 ET (07:20 GMT)

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