Cepsa increased net profit by more than 66% in 2022

ceps got benefit net of 1.1 billion euros in 2022, a figure 66.4% higher than that of 2021, as reported by the company this Friday, which explained that this result was the result of rising crude oil and natural gas prices in the context of demand recovery and market supply constraints.

Cepsa’s adjusted net profit more than doubled last year, rising from 310 million euros in 2021 to 790 million in 2022, while adjusted gross operating result (adjusted Ebitda) reached 2,939 million euros, up 62% from the previous year, it said. Europa Press.

Why have their profits increased so much? The company attributed this growth to improving market conditions higher crude oil priceshe increasing the refinery margin and the optimization initiatives he developed to improve results “across all businesses and functional areas.”

As part of your strategy Positive movementCepsa increased its investments in 2022 to 743 million euros, 57% more than in 2021, with sustainable investments representing a total of 185 million euros.

The group plans to double its investments between 2023 and 2025, to exceed EUR 3,600 million, of which more than 50% will go to sustainable enterprises. This amount represents an increase of 93% compared to the investments made by the company in the last three years.

extraordinary tax

The Cepsa’s total tax contribution reached EUR 6.654 million in 2022, a record figure in the company’s history, of which 71% (a total of 4,721 million euros) was tax paid in Spain.

In addition, during this year the company will pay extraordinary tax which taxes energy companies based on income in 2022, which in the case of Cepsa will amount to approx. 325 million euros. This compensation, the group specifies, is not reflected in the results of 2022.

The group reported that it has offered and continues to offer discounts on fuel due to the increase in inflation and energy costs. These discounts, in addition to those given by the Government in addition to 20 cents bonus on fuel, reached 130 million euros in 2022 in the case of Cepsa.

Likewise, the company emphasized that it has a “solid position” of liquidity, worth 4 billion euros, “which covers the maturity of the debt until 2027”.

In 2022, Cepsa’s free cash flow decreased slightly, to 901 million euros, compared to 915 million in 2021, with net debt of 2,756 million euros, a level similar to that at the end of 2021 (2,759 million).

Maarten Wetselaar, CEO of Cepsa, pointed out that, with the support of Cepsa, “Spain will become one of the main European producers of green hydrogen and second generation biofuels in Europe”.

The CEO of Cepsa announced today the launch of a new sustainability plan, Encouraging positive influencewhich includes the company’s commitments and progress in areas such as carbon reduction, diversity, water conservation and biodiversity.