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

, 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 ), Moeve rebranded last year

to reflect its shift towards low-carbon businesses under an

8-billion-euro plan.

($1 = 0.9550 euros)