Colombia's Ecopetrol reports record net profit of $6.9 bln for 2022
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Loading... - Finn Gruber
- 18 Apr 2023
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Colombia's majority state-owned oil company Ecopetrol (ECO.CN) on Tuesday reported record net profit of 33.4 trillion pesos ($6.9 billion) for 2022, double the previous year, boosted by higher oil prices and greater-than-expected production.
Ecopetrol also reported a fourth-quarter net profit of 6.85 trillion pesos, up 13% from a year earlier.
"During 2022 Ecopetrol continued to deliver historic operating and financial results which were superior to those forecast at the start of the year," Ecopetrol Chief Executive Felipe Bayon said in a statement.
Bayon will stand down as CEO on March 31. A successor has not yet been named.
The company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 75.2 trillion pesos for the year - up 79% versus 2021 - while fourth-quarter EBITDA rose 14% to 16 trillion pesos, the company said.
Total sales in 2022 also rose by almost 74% to 159.5 trillion pesos, while fourth-quarter sales grew 25% to 39.7 trillion pesos, the company said in a filing. Read More…
