March 15 (SeeNews) - Slovenian energy group Petrol [LJE:PETG] turned to a net profit of 136.6 million euro ($148.7 million) in 2023 from a 2.7 million euro loss in the previous year, the company said on Friday.
"The situation on the energy markets stabilised compared to 2022, as a result of which the regulation of the prices of some petroleum derivatives was milder than in 2022. Adjusted gross profit in 2023 amounted to 677.6 million euro, 72% more than in 2022," Petrol said in a bourse filing.
Petrol recorded sales revenues of 7.0 billion euro, down 26%, mainly due to lower prices of fuels and other energy products, while earnings before interest, taxes, depreciation and amortisation (EBITDA) amounting to 277.1 million euro in 2023, or 180.8 million euro more than in 2022, Petrol said.
"Despite the challenges on the market, the Petrol group maintained a balanced financial structure and liquidity in 2023, which allows us to look with optimism into future period. Effective risk management, careful cost management and responsible investment, especially in projects that support the energy transition and sustainable development, will ensure that Petrol is ready to implement further strategic plans," board member Drago Kavsek noted.
In 2024, Petrol plans to increase investments, which were slowed down in 2022 and 2023 due to a number of external factors, and to continue efforts to ensure stability and profitability for shareholders even in changed energy and economic circumstances, the company said.
In January, Petrol's supervisory board approved the business plan for 2024, targeting a net profit of 156.5 million euro in 2024 on revenue of 5.8 billion billion euro.
($ = 0.93665 euro)
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