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Is Galeb’s profit exaggerated?  The taxes paid are almost double this amount

Is Galeb’s profit exaggerated? The taxes paid are almost double this amount

The Portuguese energy company this week reported a profit of €718 million through September. The value is almost close to the level of investment, which in these nine months has already reached 685 million. He paid more than a billion in taxes.

The profits presented by Galp this week, amounting to 718 million euros through September (18% more than in the same period last year), have, as always, stimulated a skin reaction among those who believe that profit is a sin and that Galp is A corporate criminal who profits from contaminated products. But where does the company’s money go – in which the state still owns 7.6% of the capital? The bulk goes to taxes. Almost as much as it makes profits, the company, which employs nearly 6,400 people, invests in projects to decarbonize the economy.

the facts
If the Portuguese energy company’s profits exceed 2.6 million euros per day in these nine months, the bill imposed by Medina is almost twice that amount: 4 million euros per day is the amount the company paid in taxes, up to September, for a total of 100 million euros. 1,087 million euros. This also means that the tax burden to which the company is subject (in the order of 64%) results in almost double what it invested in this period: €2.5 million per day, for a total of €685 million. nine months.

The more than €1 billion in taxes paid in Portugal – although the bulk of the result is obtained through exploration and production, outside the country – is the result not only of ordinary taxes but also of the extraordinary contribution to the energy sector. (CESE), was created in 2014 on a temporary basis but will be renewed in the 2024 state budget.

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Read the full article in the NOVO edition, on newsstands Saturday, November 4