Repsol S.A. (REPYY.PK), a leading Spanish energy and petrochemical corporation, announced on Thursday that its net income for the third quarter was 166 million euros. This marks a significant decrease of 88 percent compared to the same period last year and a sequential drop of 75 percent.
For the first nine months, the net income experienced a 36 percent decline from the previous year, amounting to 1.792 billion euros. The adjusted profit also fell by 30 percent, reaching 2.684 billion euros, amid a backdrop of low crude oil and gas prices, coupled with narrowing refining margins.
The company notably increased its electricity sales in Spain by 42 percent from the previous year, totaling 4,616 GWh.
Additionally, Repsol has announced plans to distribute a cash dividend of 0.475 euros gross per share in January 2025. Cumulatively, this year’s cash dividend distribution stands at 0.9 euros gross per share—an approximate increase of 30 percent relative to 2023.
Furthermore, Repsol continues to execute a share buyback program aimed at fulfilling its commitment to buy back 60 million shares this year.
Looking ahead, Repsol anticipates distributing between 25 percent and 35 percent of its operating cash flow to shareholders throughout the Strategic Plan period of 2024-2027.
