EMEA News
Moeve Posts Satisfactory Nine-month Results
Spanish energy firm Moeve (formally Cepsa) can now supply biofuels in over 60 domestic ports, the company has said in its latest earnings release.
Work on the company's second-generation biofuels complex at Huelva in the south of the country has advanced, it added.
For the first nine months of this year, ebitda (earnings before interest, tax, depreciation and amortization) came in at EUR1.5 billion ($1.6bn) over EUR1.2 billion in the same period for 2023. Net income was up over the period although it dropped back in the third quarter on the back of lower refining margins.
The company's rebrand was announced at the end of October as part of the firm's commitment to green energy under its Positive Motion strategy. Moeve chief executive Maarten Wetselaar called the nine-month results satisfactory adding that Moeve aims "to become a green molecules leader in Europe this decade".
