Galp’s financial director will take over from Andy Brown as CEO of the oil company

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The current CFO of Portuguese oil company Galp, Filipe Silva, will succeed Andy Brown as CEO of the company from January 1. In a statement sent to the Securities and Exchange Commission (CMVM), Galp has informed that Silva, financial director since 2012, will remain as CEO between 2023 and the next general meeting of shareholders, time during which it will accumulate the two charges.

In addition, Galp’s main shareholder, Amorimis going to propose in that assembly that Silva remain as CEO for the entire period 2023-2026. Galp announced in October that Andy Brown He will leave the position on December 31, without giving details of the reasons for the departure. Brown was in office since 2021, when he replaced Carlos Gomes da Silva.

The oil company has closed the third quarter of 2022 with an attributable net profit of 307 million euros, compared to losses of 334 million that accounted for in the same period of 2021. In adjusted terms, the company’s profits between July and September were 187 million, up 16%. “During the quarter, Galp posted solid results on the back of strong operating performance, while we continued to take advantage of the solid but volatile macroeconomic environment“, has added the CEO of the firm, Andy Brown.

Galp’s turnover for the quarter as a whole was 7,761 million euros, which is why it grew by 78% compared to the same quarter last year. This massive increase has occurred in a context of increase in energy prices in the last year. The cost of products sold between July and September grew by 95%, reaching 6,349 million euros, while spending on supplies and services increased by 27%, up to 484 million. The item of personnel rose 17% year-on-year, up to 91 million.

In this way, the gross operating result (Ebitda) contracted by 4%, up to 630 million euros. On the other hand, the adjusted data was 784 million, 29% more. In the whole of the first nine months of 2022, net profit attributed to the firm was 1,020 million euros, compared to losses of 102 million in the same period last year. On his side, billing grew by 82%, up to 20,651 million.

Source: lainformacion.com

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