August 26 (SeeNews) - Slovenian energy company Petrol [LJE:PETG] said on Friday its consolidated net profit jumped 27% to 32 million euro ($36.1 million) in the first half of 2016.
Consolidated sales dropped 6% to 1.7 billion euro through June, while EBITDA increased by the same margin to 65.8 million euro, Petrol said in a bourse filing.
"In spite of harsh economic conditions, the Petrol Group achieved good business results in oil trading on the SE European markets, where 22% of its EBITDA was generated," the company said.
As much as 54% of Petrol Group’s EBITDA derived from its oil trading activities in Slovenia. Sales prices of oil products in Slovenia, mostly higher compared to the neighbouring countries due to high excise duties and other taxes, had negative impact on Slovenian oil trade.
Good business results were also achieved in energy trading which is becoming an increasingly important part of Petrol Group’s operations, accounting for 20% of its EBITDA, while 4% of EBITDA was derived from the company's oil trading activities on the EU markets.
In the reviewed period, the Petrol Group sold 1.5 million t of oil products, which is 14% more than in the first six months of 2015. In Slovenia, six-month sales of petroleum products stood at 748,600 t, accounting for 50% of the company's total sales.
In the same period, the group sold 396,000 t of petroleum products in SEE markets, representing 26% of Petrol Group’s total sales, and 363,000 t in EU markets, which represented 24% of the group's total sales.
In addition, the energy company also sold 66.3 million cu m of natural gas through June, down 3% from the same period of the previous year, and 69,200 t of liquefied petroleum gas, up 86%. Its electricity sales jumped 18% on the year to 7.6 TWh of electricity, while the sale of heating rose 4% to 75,900 MWh.
Revenues from sales of merchandise in the first six months of 2016 amounted to 245.4 million euro, up 3% from the figure achieved in the same period of 2015.
Petrol allocate 23.2 million euro to investments in property, plant and equipment, intangible assets and long-term investments in the first half.
At the end of June, the Petrol Group operated 484 service stations, of which 314 in Slovenia, 105 in Croatia, 36 in Bosnia and Herzegovina, nine in Serbia, nine in Montenegro and 11 in Kosovo.
($=0.8856 euro)
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