By Marc Bisbal Arias 
 

Galp Energia SGPS SA (GALP.LB) said Tuesday that its fourth-quarter net profit more than doubled on year, helped by higher production and prices for oil and natural gas.

The company said net profit stood at 217 million euros ($268.6 million), up from EUR80 million a year earlier, and higher than consensus expectations of EUR167.8 million provided by FactSet. Sales slightly rose to EUR3.52 billion, compared with EUR3.40 billion, the company said.

Galp said production in its exploration and production business rose 19% on year thanks to the development of the Lula and Iracema projects. The company said that natural gas and electricity sales also increased compared with a year earlier.

The Portuguese oil-and-gas company said that it will propose a 10% dividend increase to EUR0.55 a share for 2017.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

February 20, 2018 02:33 ET (07:33 GMT)