The Amorim family, Sonangol and the Portuguese state are entitled to a 4% increase in profits.
Galp's profits rose by 14% to 1 billion euros in 2023 compared to the same period last year.
The company announced an increase in dividends by 4% to reach 0.54 euros per share, to be paid to shareholders in two stages, with the first payment of 0.27 euros to be made after the general assembly of shareholders.
The majority stake goes directly to Amorim Energia, which owns 36% of the company's shares: 150 million euros. Of this share, the Amorim family (55% of the share) is entitled to approximately 83 million euros. Angolan state oil company Sonangol (45%) is entitled to €67.5 million.
The third largest individual shareholder is the Portuguese state, through Publica, with a stake of 8%. The increase in Ghalib's profits will allow the state to allocate 33.4 million euros.
Galp will begin a share buyback program in the coming days, Maria João Carioca, the company's chief financial officer, revealed on Monday.
This year, the oil company plans to spend 350 million euros on this program, less than the 500 million euros recorded last year.
“We will begin a 350 million share buyback program in the next few days,” the person in charge said on Monday, highlighting that the dividend payable this year (for fiscal 2023) will rise to 54 cents per share.
Regarding the fiscal year 2023, in which GALEB recorded historic profits of one billion euros, the director highlighted the “strong operating performance”, in a year in which it reduced debt and invested one billion euros, with “a third” of these capital expenditures in “Portugal”.
Maria João Carioca also announced that the company is considering selling assets “to crystallize value, but also to accelerate capital expenditures.”
Regarding dividends and share repurchases, he noted that a third of the cash flow will be used to reward shareholders, which will be done “on the back of operating performance.”
For 2024, forecasts are for EBITDA to fall from €3.6 billion to €3.1 billion, with cash flow of €2 billion that will cover capital expenditures, dividends and share buyback programs, keeping the “balance sheet in check.”
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