Title: Galp Forecasts Weaker Earnings for 2024 After Fourth Quarter Profit Decline

Galp, a Portuguese energy company, has recently announced a forecast for weaker earnings in 2024. This comes after a decline in profits during the fourth quarter of 2020, which was attributed to limited refining activities due to an overhaul at its Sines plant. Let’s take a closer look at the factors behind this forecast and what it could mean for the company’s future.

Limited Refining Activities at Sines Plant:
Galp’s Sines plant, located in Portugal, is one of the largest refineries in Europe. However, in the fourth quarter of 2020, the plant underwent a major overhaul, resulting in limited refining activities. This led to a decrease in the company’s overall production and ultimately, a decline in profits.

Impact on Fourth Quarter Earnings:
As a result of the limited refining activities at the Sines plant, Galp’s fourth quarter earnings fell by 38% compared to the same period in the previous year. The company reported a net profit of 77 million euros, down from 124 million euros in the fourth quarter of 2019.  

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