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HomeLatest NewsCepsa boosts profit by 66% thanks to higher crude oil prices

Cepsa boosts profit by 66% thanks to higher crude oil prices

Date: March 21, 2023 Time: 18:10:24

Cepsa closed last year with a net profit of 1,100 million euros, which represents a strong increase of 66% compared to the previous year. The company (like the rest of Petrols) was boosted by high crude oil prices as a result of Russia’s invasion of Ukraine and higher refining margins.

As reported this Friday, the adjusted net profit multiplied by more than two last year, going from 310 million euros in 2021 to 790 million in 2022, while the adjusted gross operating result reached 2,939 million, a 62% more than the previous year. The oil company has attributed the Ebitda growth to the improvement in market conditions, higher crude oil prices, the increase in refining margins and the optimization initiatives that it has developed to improve results in all businesses and functional areas ” .

Cepsa’s total tax contribution reached 6,654 million euros in 2022, a record figure in the company’s history, of which 71% (a total of 4,721 million euros) corresponded to taxes paid in Spain. Additionally, it foresees an impact of 325 million euros from the Government’s energy tax. However, this charge is not reflected in the results of 2022 increased demand for refined products.

Within the framework of its ‘Positive Motion’ strategy, it increased its investments by 57% last year, to 743 million euros. The group plans to double its investments between 2023 and 2025, to exceed 3,600 million euros, of which more than 50% will be allocated to sustainable businesses. This import represents an increase of 93% with respect to the investments made by the company in the last three years. The company has highlighted that in 2022 it reduced its financial leverage from 1.6 times the net debt over Ebitda at the end of 2021 to less than 1 times. It has also stressed that it has a “solid position” of liquidity, worth 4,000 million euros, “which covers debt maturities until 2027.”

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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