Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
INVESTING

Cepsa to nearly double investments over next 3 years as profit soars

Published On :

MADRID (Reuters) -Spanish oil and gas company Cepsa plans to nearly double its investments over the next three years to a total of 3.6 billion euros ($3.82 billion), with more than half of that amount going to sustainable energy and mobility, it said on Friday.

It also posted a full-year net profit at current cost of supplies (CCS) of 790 million euros for 2022, up sharply from the 310 million euros reported in 2021.

The planned investment increase of 93% for 2023-25 is from the previous three years, Cepsa said.

Adjusted CCS earnings before interest, tax, depreciation and amortisation (EBITDA), excluding one-offs, jumped 62% last year to 2.94 billion euros.

Cepsa said the improved core earnings were driven by better market conditions, higher underlying commodity prices and increased refining margins.

In 2022, Cepsa paid a total of 6.65 billion euros in taxes, which it said was an all-time record. Over two-thirds were paid in Spain.

The company said it will pay about 325 million euros in Spain’s temporary energy windfall tax based on 2022 revenues, though the charge was not reflected in last year’s results. Chief Executive Maarten Wetselaar has vowed to challenge the tax in court.

Cepsa’s net debt as of end-December remained unchanged year-on-year at 2.76 billion euros.

($1 = 0.9422 euros)

(Reporting by David Latona; Editing by Andrei Khalip)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts