Portugal's energy group Galp on Monday unveiled record profits topping a billion euros ($1.07 billion) for 2023.

The result was up 14 percent on 881 million euros a year earlier, itself a record return.

During 2023, the group benefited from a strong increase in intermediate, transport, storage and marketing activities to 929 million euros, over 451 million in 2022.

In 2023, however, earnings before interest, taxes, depreciation, and amortisation -- which sheds light on a business's ability to generate cash flow and overall operating performance -- dropped eight percent year-on-year to 3.55 billion, Galp said.

Results in its exploration and production (upstream) division fell back 22 percent to 1.7 billion euros while in the last quarter of 2023, the group generated a profit of 284 million, a rise of four percent.

By the end of the year, Galp's net debt, around a third of which is held by Portuguese group Amorim Energia, had fallen by 10 percent compared with the end of 2022, to 1.4 billion euros.

Shares in the group were off 1.04 percent at 14.23 euros shortly after the start of trading in Lisbon.