Wednesday, November 30

Cepsa earns 982 million until September, 97.1% more

Cepsa registered a net profit of 992 million euros until September, which practically doubles (it is 97.1% more) the result of 498 million for the same period of 2021 “and which contrasts with the loss of 810 million euros registered in 2020”, highlights the company in a note, in which its CEO, Maarten Wetselaar, has lamented the “regulatory uncertainty” in the face of the new tax on energy companies that the Spanish Government is preparing.

The second Spanish oil company achieved an adjusted net profit, eliminating non-recurring items and calculating the change in inventories at replacement cost (CCS), of 534 million in the first nine months of the year, compared to 295 million in the same period of 2021 , “in a context of great volatility in world energy markets” and “slowing down its growth in the third quarter”.

Between June and September, adjusted net profit (CCS) was 71 million, compared to 112 million a year earlier and 405 million in the previous quarter, “reflecting the slowdown in global economic growth, high gas prices and the decrease in refining margins compared to the second quarter of 2022”, after the explosion in crude oil and gas prices that led to the outbreak of the war in Ukraine.

The adjusted gross operating result (Ebitda) was 2,492 million, 85% more, with 38% generated in Spain, where it reached some 100 million in the third quarter, compared to the 650 million contributed by businesses abroad, “reflecting the decline in refining and chemical margins, the negative impact of fuel discounts for the company’s customers and the general economic slowdown.”

Cepsa underlines that “it continues to offer its customers special discounts on fuel of up to 50 cents/l, including the 20 cents/l offered by the Government, and ”will continue to do so until the end of the year”. The total amount of the discounts it offers is estimated at 88 million.

The CEO of Cepsa indicated that despite these “robust results in a volatile market environment with significant gas prices” and “more normalized” levels of refining margins, “regulatory uncertainty continues to cloud short-term prospects , with high uncertainty as to the nature and volume of extraordinary taxes that are being considered”.

The energy company owned by the sovereign wealth fund of Abu Dhabi and Carlyle, which is going to be affected by the new tax on energy companies that the Government is preparing, puts its contribution in taxes in Spain at 3,522 million euros so far in 2022, compared to to 2,901 million, “of which 1,766 million were paid by the company and 1,756 million collected on behalf of the Spanish Treasury”.

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