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N. Macedonia's Okta grows H1 net profit 20% on higher exports

Author Mario Tanev
N. Macedonia's Okta grows H1 net profit 20% on higher exports The Okta oil refinery. Author: Hellenic Petroleum. License: All rights reserved.

SKOPJE (North Macedonia), September 11 (SeeNews) - North Macedonia-based oil refinery Okta [MSE:OKTA] said that its net profit rose by an annual 20% to 29.9 million denars ($535,000/486,000 euro) in the fist half of 2019, backed by higher exports.

Okta's sales revenue added 4% year-on-year to 12.64 billion denars in the January-June period of 2019, as sales abroad grew 74% to 2.67 billion denars, the company said in an interim financial statement.

Domestic sales fell 6% on the year to 9.97 billion denars.

Cost of goods sold rose 5% to 12.2 million denars in the review period.

Okta lowered its administrative expenses by 14% to 112.4 million denars in the first six months of the year, while sales and marketing costs fell 5% to 281.0 million denars.

Okta, a member of the Hellenic Petroleum Group, owns crude oil refining facilities with nameplate capacity of 2.5 million metric tons and storage facilities with total capacity of 350 million liters.

(1 euro = 61.49 denars)