Etu Energias Reports Record Financial Performance in 2024

Etu Energias, Angola’s largest privately owned energy company, reported its strongest financial results to date in 2024, reflecting significant operational and strategic developments over the past year.

Speaking at the fourth edition of “Coffee with the Media” in Luanda, company representatives announced a net profit of $215.2 million for 2024, a 53% increase over 2023. Operating income rose by 59% to $674.5 million, despite lower international oil prices.

The company attributed the performance in part to the integration of Blocks 14/14K and 32, acquired from Portugal’s Galp. Following this transaction, production from non-operated blocks rose by 190%, while production from operated blocks increased by 15% and export volumes climbed by 61%.

In addition to upstream activities, Etu Energias expanded its downstream footprint by opening three gas stations and increasing distribution of its branded lubricants.

Company executives said the results reflect a broader strategy focused on efficiency, innovation and long-term value creation in Angola’s energy sector.