Romanian oil pipeline operator Conpet posts 26% y/y rise in 9-mo net profit

The company's turnover reached 351.4 million lei during January-September, up by an annual 12%, Conpet said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB, on Monday.

The operating profit achieved in the nine-months period reached 55.2 million lei, up 17.4% on the year.

Operating expenses rose by an annual 11.5% to 334.4 million lei during January- September. The increase is determined both by higher variable costs for electricity, oil royalty, expenses with modernization quota, as well as by fixed costs representing personnel and natural gas expenses.

Conpet's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 11% on the year, to 95.1 million lei.

The volume of oil, rich gas, ethane and condensate carried by Conpet during the first nine months of 2022 rose by 2.1% on the year to 5.217 million tonnes.

Conpet carries domestic and imported crude oil, rich gas, ethane and condensate through pipelines and by railway tankers to refineries in Romania and the Balkan region. It operates a 3,800 km network of oil pipelines across Romania. The company is part of the blue-chip BET and BET-TR indices of the Bucharest Stock Exchange.

Its shares traded 1.53% higher at 66.4 lei by 1413 CET on Tuesday, bourse data showed.

(1 euro=4.9032 lei)