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Romania's Oil Terminal hikes net profit 83% y/y in H1

Romania's Oil Terminal hikes net profit 83% y/y in H1 Author: Oil Terminal / All rights reserved.

BUCHAREST (Romania), August 11 (SeeNews) - Romanian petroleum logistics company Oil Terminal said on Thursday its net profit surged 82.8% y/y in the first half of 2022, reaching 17.8 million lei ($3.7 million/ 3.6 million euro).

First-half net turnover increased by 38.8% on the year in the six months through June, to 132 million lei, the company said in an unaudited financial statement filed with the Bucharest Stock Exchange, BVB.

Oil Terminal’s revenues rose by an annual 41.2% during January-June to 135 million lei, while expenses increased 35% year-on-year to 114 million lei. EBITDA rose 64% year-on-year, to 27.8 million lei.

The company handled a total of 4.36 million tonnes of crude oil, petrol, gas oil, fuel oil, as well as miscellaneous chemical products over the first six months of 2022, up 47% on the year.

The company's total assets increased to 611.6 million lei at end-June from 594.3 million lei at end-2021.

Based in the Black Sea port city of Constanta, Oil Terminal is specialised in logistics pertaining to a variety of petroleum products and chemicals. The company has a total storage capacity of approximately 1.4 million cubic metres.

Oil Terminal’s majority shareholder is the Romanian energy ministry, with a stake of 59.6%; other major stakeholders include Dumitrescu Sebastian Valentin, with a 17.16% stake.

Oil Terminal's shares traded up 6.40% at 0.1745 lei as of 1533 CET on Thursday on the BVB.

(1 euro = 4.9090 Romanian lei)