Repsol earned 969 million between January and March 2024, which is 12.9% less than the 1,112 million profit obtained in the same period of the previous year. A decrease caused mainly by the fall in gas prices and the impact of the special income tax, for which the company has to pay 461 million euros this year.
The adjusted result, which specifically measures business performance, was 1,267 million euros, 33% below the same period of the previous year. Revenue for the quarter amounted to 15,690, compared to 16,098 the previous year and the operating result (ebitda) stood at 1,728 million compared to 2,803 million.
The company paid 461 million euros for the extraordinary tax on profits, the previous year that amount had risen to 912 million
“Our start to the year demonstrates the solidity of Repsol's project, which will take a new step forward thanks to the 2024-2027 Strategic Update. We continue to evolve our businesses, with a multi-energy offer unique in Spain, advancing with tangible facts in decarbonization and investing profitably to guarantee the future of the industry and employment," says the company's CEO, Josu Jon Imaz. in the information presented to the market this Thursday.
Repsol has taken decisive steps to deepen the decarbonisation of its businesses. It highlights the start of large-scale production of renewable fuels in its new plant in Cartagena.
Between January and March, Repsol invested 2,129 million euros, which includes the closing of the acquisition of ConnectGen, a renewable electricity project development company in the United States, which accounts for more than half of the total investment for the quarter. In the period 24-27, the company plans to invest between 16,000 and 19,000 million euros net: 60% dedicated to the Iberian Peninsula and more than 35% to low-carbon projects.
Cash flow from operations during the first quarter of 2024 amounted to 1,362 million euros, 46.5 million lower than that recorded in the same period of 2023. Excluding working capital, cash flow from operations during the quarter was superior to organic investments, dividends, share buybacks and interest.
The Group's net debt at the end of the first quarter of 2024 stood at 3,901 million, 1,805 million higher than at the end of 2023.
Repsol distributed a cash dividend of 0.40 euros gross per share on January 11, 2024. Likewise, on March 26, 2024, a repurchase program began for a maximum of 35 million of its own shares. Added to this is a capital reduction of 40 million shares, through the amortization of own shares, which is expected to be executed before the end of July 2024, once approved by the shareholders' meeting.
