MADRID, Feb 25 (Reuters) - Spain's second-largest oil company Moeve, formerly known as Cepsa, said on Tuesday it swung to a profit last year on the back of growing earnings at its energy and chemicals divisions, while boosting investments.
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, 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, Moeve rebranded last year to reflect its shift towards low-carbon businesses under an 8-billion-euro plan.
($1 = 0.9550 euros)
(Reporting by Pietro Lombardi; Editing by David Latona)
((Pietro.Lombardi@thomsonreuters.com;))
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