Madrid. The Spanish energy group Repsol recorded a sharp drop in its profits in the third quarter due to the volatility of oil prices and the fall in its refining margins, according to results published on Thursday by the company.
The net profit of the Spanish giant stagnated at 166 million euros between July and September, 88 percent less than in the third quarter of 2023, the group reported in a statement.
In the first nine months of 2024, the company obtained a net result of 1,792 million euros (about 1,946 million dollars), a decrease of 36 percent compared to the same period in 2023.
The publication of these figures occurs in the midst of a tug of war with the Spanish government, which seeks to strengthen an exceptional tax on banking and energy groups, initially introduced for two years.
On Wednesday the government accepted the possibility of ‘removing’ the permanence of this tax. Given this, the CEO of Repsol, Josu Jon Imaz, considered that “the problem is over” and reactivated the commitment to the investments that the company had programmed in its strategic plan for Spain and its industrial centers.
Repsol has been the most affected group in the energy sector in these two years by this special tax, with a payment of almost 800 million euros -444 million in 2023 and about 335 million in this year.
Initially approved for two years -2023 and 2024- due to the impact of the crisis due to the war in Ukraine, the government has managed to receive more than two thousand 400 million euros from the energy sector through this item.
Repsol, which in recent years has undertaken a strategic change to move away from the “all oil” model, theoretically plans to invest between 16 billion and 19 billion euros (17,400-20,600 million dollars) between now and 2027. , almost 60 percent of them in projects in Spain.
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#Repsols #quarterly #profits #plummet
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