Net debt falls to about 1.2 bln eur (Il Sole 24 Ore Radiocor) - Lisbon , 22 Jul - The Portuguese energy group Galp said it posted an RCA EBITDA of 849 million euros in the second quarter of 2024, down from 916 million the year earlier.

Group RCA EBIT rose to 660 million euros from 643 million while RCA net profit jumped to 299 million euros from 258 million.

Galp's adjusted operating cash flow (OCF) was 646 million euros while cash flow from operations (CFFO) reached 562 million.

Investments amounted to 241 million euros, directed mainly towards the execution of upstream projects, namely Bacalhau, and industrial low carbon developments in Sines, in particular the construction works in the Advanced Biofuels unit. During the period, divestment proceeds amounted to 518 euros, mainly related to the completion of the Angolan upstream assets' farm-out.

Net debt decreased 348 million euros to about 1.2 billion, as Galp highlighted a strong operating performance as well as the proceeds collected. The debt figure also reflected dividends to minorities of 93 million euros, the payment of the second semi-annual dividend tranche of 206 million and share buybacks of 85 million.

AAA-Hob

(RADIOCOR) 22-07-24 12:42:29 (0281) 5 NNNN