Repsol presented its business results this Thursday and once again did so with significant earnings results, in a context in which fuel continues to be one of the main concerns of Spaniards. Specifically, the Spanish company obtained a total net result of €1.1 billion in the first quarter of 2023. These figures represent a 20% loss compared to the same period of the previous year.
Read more about Repsol and find the most important business headlines of the day with the Born2Invest mobile app,
Repsol recalls that these results come after a sharp decline in fuel prices due to the slump in oil prices
Specifically, Repsol explains that the average price of Brent crude oil fell to $81 per barrel, 21% less than in the first quarter of 2022, with a significant drop in March, to $72 per barrel, as a result of the banking crisis in the middle of the month. At present, fuel prices have also fallen, although the price of a liter of diesel is above one and a half euros and gasoline is above 1.6o.
In this sense, the operator states that it has lost some €550 million from the discounts offered to its customers since the beginning of the war in Ukraine. It is worth remembering that this quarter is the first in which Repsol no longer has the 20-cent bonuses, although it continues to offer important offers to its customers linked to its energy tariffs.
Despite the decline in results, there are business areas that have performed positively, such as Customer (+82%), Industrial, and Low Carbon Generation (+21.4%), which were above those obtained in the same period of the previous year.
On the other hand, the company paid itself a cash dividend of €0.35 gross per share, the same amount proposed to the General Meeting for distribution in July. With these payments, Repsol will increase cash remuneration for its shareholders by 11% in 2023
Josu Jon Imaz, CEO of Repsol: “Our integrated business model, as well as the fulfillment and ambition of our Strategic Plan, are being fundamental to obtaining solid results. At the same time, we continue to raise our multi-energy profile and make progress in decarbonization. We have launched a pioneering commercial offer in Spain, which helps our customers in their daily lives by linking all the energies needed for mobility and the home, and strengthens our vision as a company.”
He also highlighted the multi-energy company’s investment effort in the period, which amounted to €1.72 billion, mainly earmarked for Spain and the United States, two key countries in its strategy.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in EL INDEPENDIENTE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Buffalo Partners]
First, they came for your college campuses. Then they came for your news, your politics, and you entertainment. And now,...
Redeban Boosts its Leadership in Colombia with the Acquisition of SoyYo
The SoyYo brand will be maintained and enters Redeban's portfolio as one of its strategic units. SoyYo is a recognized...
Why the Growth of Real Estate Crowdfunding in Mexico Slows in 2023
An amount that could make real estate crowdfunding more attractive is 500 million pesos or more. Likewise, he added that...
Biomedical Companies in Spain Demand Tax Incentives for R&D Adapted to the Reality of the Sector
There are many companies in the biomedical sector that, being in the investment or expansion phase, have negative or reduced...
Switzerland Will Probably Legalize Cannabis in the Next Four Years
Switzerland has the advantage that it has already introduced legalization tests in various municipalities. Each test can cover up to...
Business2 weeks ago
Inflation: Cost of Eating Out Continues To Rise, a Potential Boon for Restaurant Discounters Like Restaurant.com
Cannabis4 days ago
Czech Republic Bans HHC: New Regulations Change the Market
Impact Investing1 week ago
Rovagnati Invests in a Photovoltaic Park in Arcore
Impact Investing2 weeks ago
Algebris Green Transition Fund Launches Aquanexa and Acquires Majority Stake in Datek22