The energy company Repsol earned between January and September 3,222 million euros, 66% more than the 1,939 million it earned in the same period of the previous year. “A growth path that is allowing the company to partially offset the losses of the 2019 and 2020 financial years, more than 7,100 million euros, derived from asset adjustments to be zero net emissions and the global health crisis”, according to the information communicated that Thursday to the National Commission of Markets and Values ??(CNMV).
The adjusted net result for the first nine months of the year stood at 4,654 million, with a contribution from the international business close to 60%. The upstream (crude oil extraction) and industrial businesses had an outstanding performance.
The strong generation of cash during the period has allowed a reduction in debt since the beginning of the year of the year of 3,581 million euros since January. Investments grew by 47%, to 2,397 million euros.
The company has also taken stock of the effect that the policy of helping customers with the fuel subsidy has had. Both the additional one initially proposed by the company and the one applied by the Government.
In a context marked by international tensions, “Repsol continued to carry out its work as an essential service for society and guaranteeing supply in Spain”, for which it allocated more than 2,000 million euros to increase its inventories, which makes it possible to guarantee supply in the next months.
In addition, it provided significant discounts to its customers since March at Spanish service stations. In total, it calculates savings of 300 million euros for its clients. The linking of special discounts (beyond those required by the Government) to the ownership of the Waylet card has allowed a growth of digital customers to 5 million.
Faced with this situation, Repsol continues to transfer the increase in value to its shareholders. To this end, it plans to carry out an additional redemption of 50 million shares in the remainder of the year, which will advance the target of repurchase and redemption of 200 million shares set in the Strategic Plan for 2025 by three years.
This amortization will be accompanied by an increase in the cash dividend of 0.70 euros per share. Specifically, the cash remuneration to be distributed to shareholders next January will increase to 0.35 euros gross per share, while the board of directors will propose to next year’s general meeting of shareholders a complementary payment of other 0.35 euros gross per share.
Thus, the effective remuneration in 2023 will increase by 11%, to 0.70 euros gross per share, and the remuneration target set for 2024 will be brought forward.
