Repsol cuts its profit by 25.5% in 2023, to 3,168 million euros

MADRID, 22 Feb. (EUROPA PRESS) -

Repsol obtained a net result of 3,168 million euros in 2023, which represents a drop of 25.5% compared to the 4,251 million euros earned in the previous year, reported the company, which also launched a new strategic plan this Thursday. for the period 2024-2027, the company informed the National Securities Market Commission (CNMV).

The group's adjusted net profit, which specifically measures business performance, amounted to €5,011 million, a decrease of 26% compared to €6,774 million in 2022.

The cash flow from operations during 2023 of the group amounted to 7,064 million euros, 1,859 million euros lower than in 2022.

Regarding Repsol's net debt, at the end of the year it stood at 2,096 million euros, 160 million euros lower than at the end of 2022. The company's leverage ratio at the end of 2023 stood at 6 .7%, compared to 8.0% at the end of 2022.

The CEO of Repsol, Josu Jon Imaz, pointed out that 2023 was "an extraordinary year", in which the group achieved those 7,064 million euros of cash flow from operations, "the second highest figure in our history in the midst of an uncertain and volatile environment.

"This is clear evidence of our high-quality integrated portfolio, disciplined management and forward-looking strategy. We have ended 2023 in a strong financial position, making significant progress on our strategic objectives and prepared to advance our strategy to be a company with net zero emissions by 2050," he said.

Repsol also announced the proposal for its next General Shareholders' Meeting to pay a complementary dividend of 0.5 euros per share which, together with the 0.4 euros already paid on account, will mean increasing remuneration by 30%, reaching the 0.9 euros per titles and thus exceeding the remuneration target set for 2025 in the strategic plan.

In addition, a new share repurchase program will be carried out for a maximum of 35 million shares and a capital reduction of 40 million shares will be proposed to the Board, which is expected to be carried out before the end of July through amortization. of own shares.