Spain's Moeve swings to profit
The results come as the company pushes ahead with its plan to shift to low-carbon energy and sustainable transport, focusing on green hydrogen, biofuels and electric mobility.
Net profit for the year was 92 million euros ($96.33 million) compared to a 233-million-euro loss in 2023.
Despite a 30% drop in refining margins, which also fell at a host of peers including its larger Spanish competitor Repsol (REP.MC), opens new tab, earnings at the company's energy division rose 75%.
Owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group (CG.O), opens new tab, Moeve rebranded last year to reflect its shift towards low-carbon businesses under an 8-billion-euro plan.
($1 = 0.9550 euros)
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