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Galp Energia's net income rises on robust sales

Galp Energia SGPS SA's net income attributable to shareholders for the full year 2017 rose to €614 million, or 74 cents per share, from €179 million, or 22 cents per share, in the prior year.

Sales for 2017 rose to €14.58 billion, from €12.49 billion in the prior fiscal year. The sales growth resulted from the increase in barrels produced from exploration and production activity, the increase in the associated price per barrel and the operational improvement in refining- and marketing-related activities.

In addition, total operating income climbed to €15.31 billion from €13.24 billion in the prior year.

Meanwhile, its total operating costs increased to €14.17 billion from €12.70 billion reported in the comparative period.

The company declared a dividend of 55 cents per share, a rise from 49.77 cents per share in the prior year.

"During the year, we benefited both from the increased oil and natural gas production and the performance of the refining and marketing business, supported on a modern, efficient and competitive refining system," company CEO Carlos Gomes da Silva said.