Repsol obtained a net profit of 2,785 million euros in the first nine months of the year, which represents a drop of 14% compared to the same period in 2022, in a context marked by lower hydrocarbon prices and refining margins compared to last year, in which they skyrocketed due to the energy crisis after Russia’s invasion of Ukraine.
The adjusted result, which specifically measures the operation of the businesses, stood at 3,816 million euros at the end of September, with a decrease of 19% compared to a year ago.
The company’s net debt stood at 1,855 million euros at the end of the third quarter, with liquidity reaching 10,650 million euros, enough to cover more than five times the short-term gross debt maturities.
With these results, the group will continue to accelerate its ‘roadmap’ of payments to its shareholders and has announced a 14% increase in the remuneration to be paid next January, up to 0.4 euros gross per share.
The energy company has already this year advanced the remuneration objective for its more than 520,000 shareholders that it had planned to achieve between 2024 and 2025 within its strategic plan, which it will review in the first quarter of next year after pulverizing all its objectives. Thus, adding dividends and capital reductions, it will mean the distribution of around 2,400 million euros in the whole of 2023.
Last July, after its approval by the General Meeting, Repsol paid a complementary dividend of 0.35 euros gross per share charged to the profits for the 2022 financial year, which was added to the remuneration paid in January. With this, the cash dividend increased by 11% compared to the previous year, to 0.70 euros gross per share.
In addition, the company plans to reduce its share capital this year by 110 million shares which, added to the 200 million shares redeemed in 2022, would represent a total of 310 million shares, equivalent to 20% of the share capital. existing as of December 2021 and widely above the objective established in its 2021-2025 ‘roadmap’.
The energy company highlighted that these solid results for the period from January to September allow progress in the group’s transformation “with the development of low-carbon industrial projects, the increase in its portfolio of renewable assets and the launch of a differential multi-energy offer for the clients in Spain”.
Within this transformation and decarbonization process to be net zero emissions in 2050, Repsol invested 4,362 million euros between January and September, which represents an increase of 82% compared to January-September 2022, mainly in low-carbon projects.
35% of this investment effort so far in 2023 was destined. Spain, with 41%, was the main focus of the group’s investment destination, followed by the United States, with 37%.
END THE YEAR WITH INVESTMENTS OF ABOUT 5,200 MILLION.
Repsol plans to end 2023 with a total organic investment of around 5.2 billion euros, 24% more than the almost 4.2 billion euros it allocated last year.
The CEO of Repsol, Josu Jon Imaz, considered that 2023 is being a year of “profound transformation” for the energy company, “with firm progress in decarbonization and in the consolidation of our multi-energy profile.”
“In a volatile environment like the current one, we are obtaining solid results, increasing the remuneration of our shareholders and supporting our clients,” he highlighted.
GROWS IN RENEWABLES.
In this transformation of the company, Repsol reinforced its renewable generation portfolio and its presence in a key ‘green’ energy market such as the United States with the acquisition in September of ConnectGen, which has a portfolio of 20,000 megawatts (MW), which They join those carried out throughout the year, such as the purchase of Asterion Energies, with a portfolio of 7,700 MW, 2,500 MW in an advanced state of development, located mainly in Spain and Italy; or the agreement with ABO Wind to acquire three wind farms (150 MW) and two solar plants (100 MW) in an advanced state of development.
In this way, it advances in its objectives in renewables, which reach 6,000 MW in 2025 and 20,000 MW in 2030, and, in October, the group’s portfolio of assets in operation reaches 2,300 MW, after the progressive launch of new ones. wind and photovoltaic installations in Spain, the United States and Chile.
WAYLET EXCEEDS 7 MILLION CUSTOMERS.
On the other hand, it extended its offer until January 10 for customers who use its Waylet application – which has exceeded seven million customers and has provided more than 100 million euros of savings to its users between January and September -, which offers discounts that reach up to 40 euro cents per liter of fuel and 100% of the amount of electric refills.
Likewise, within the process of transforming its industrial centers, it is completing the start-up of the first renewable fuel plant in Spain, located in Cartagena.
Furthermore, in July it announced the installation of the second, in the Puertollano industrial complex. In October, the production of renewable hydrogen also began at the Petronor refinery.
