By Joshua Manning • 28 July 2022 • 9:13
Spanish energy company Repsol makes net profit of €2.5Bn during first half of year Credit: nito/Shutterstock.com
In addition to the enormous net profit, Spanish energy company Repsol is reportedly making a provision of €1,8Bn for the ban on combustion engine vehicles in 2035, as reported by Repsol.
Repsol’s net profit of 2,539 million euros in the first half of the year, has seen the company’s earnings go up 105.6 per cent.
The company headed by Josu Jon Imaz will take advantage of this situation to apply a provision of 1,844 million euros for the foreseeable deterioration in the valuation of its refining assets due to the ban on combustion vehicles and the tax measures being prepared by the government.
This half-year result, with the added €2,4Bn obtained in 2021, offsets the losses the company saw in 2019 and 2020, which saw total losses of more than €7,1Bn, due to zero net emissions adjustments to their assets as well as the covid pandemic.
Repsol has also invested around €1Bn a year in its refining facilities, while refining capacity was being reduced in Europe.
This allowed the company to increase and optimise the use of these assets to respond to the supply tensions seen in the international fuel market caused by the war in Ukraine,.
This advantage will reportedly allow Spain to have a “guaranteed” supply of petrol and diesel in the coming months.
The news follows reports of Spanish energy company Repsol seeing a 115 per cent increase in profits this year when compared to its first quarter of 2021.
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Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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