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    Repsol doubles its profit to 2,539 million on the back of higher raw material prices

    July 28, 2022 - CE Noticias Financieras


      Madrid, 28 Jul. The Spanish multinational Repsol, which has much of its business in America, obtained a net profit of 2,539 million euros in the first half of the year 2022, double (105.6% more) than in the same period of 2021, driven by the rise in commodity prices in world markets due to the war in Ukraine.

      As the energy company reported this Thursday to the stock market regulator in Spain, the Comisión Nacional del Mercado de Valores, the adjusted net result, which specifically measures the performance of the business, for the first six months of the year stood at 3,177 million, triple (231.3 % more) than in the first half of 2021 and of which 56 % came from the international business.

      In the Americas, it is present in countries such as Bolivia, Brazil, Canada, Chile, Colombia, the United States, Mexico, Peru and Venezuela, according to company data.

      The gross operating profit (ebitda) was 8,019 million euros in the first half of the year, more than double (120.6 % more) than in the same period of the previous year.

      Repsol reached this net profit of 2.539 billion euros in the half-year after earning 2.499 billion euros in 2021 and after accumulating losses of 7.1 billion in 2019 and 2020.

      The group's net debt at the end of the first half stood at E5,031 million, E869 million less than at the end of the previous quarter, and liquidity at E9,380 million, enough to cover 3.9 times short-term debt maturities.

      Among the highlights of the first half of the year, the company pointed out that in April it began to produce electricity at the 62.5 megawatt (MW) Jicarilla 2 photovoltaic solar park, its first renewable project in the United States.

      In the same place it is developing another photovoltaic project, Jicarilla 1, with 62.5 MW of installed capacity and 20 MW of battery storage.

      In addition to the announcement that it will invest in a project of more than 600 MW in the state of Texas, which will become the group's largest solar installation.

      On the other hand, Repsol also informed of the approval and start of the buyback program of 50 million shares of the company, representing 3.44 % of the share capital, with a maximum investment of 850 million euros, and which will be extended from this Thursday to December 31, provided that the number of shares or the investment established is not reached before. EFE



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