March 2 (SeeNews) - Romania's Rompetrol Rafinare [BSE:RRC] turned to a consolidated net profit of 90.3 million dollars (85 million euro) in 2022, from a net loss of 186.8 million dollars in 2021, it said.
Rompetrol Rafinare's consolidated results improved as a result of higher European refining margins compared to 2021, also boosted by an increased production level, the company said in a preliminary financial statement filed with the Bucharest Stock Exchange on Tuesday.
Rompetrol Rafinare's consolidated operating result (EBITDA) more than quadrupled to 464.5 million dollars in 2022, compared to 106.8 million dollars in the previous year.
Gross turnover rose by an annual 42% to 6.572 billion dollars in 2022, from 4.619 billion dollars a year earlier.
Total assets decreased by an annual 7% to 2.389 billion dollars at the end of 2022, while total liabilities fell by 11.7% on the year to 1.853 billion dollars.
Rompetrol’s refining segment accounted for most of the consolidated net result in 2022, booking a net profit of 155.2 million dollars, while its distribution segment brought in 32.4 million dollars and the petrochemical segment recorded a net loss of 85.4 million dollars.
In 2022, Rompetrol’s Petromidia Navodari refinery processed approximately 5.26 million tonnes of raw materials, up by an annual 15% from the 4.59 million tonnes processed in 2021. It achieved a production level of 1.42 million tonnes of petrol and 2.67 million tonnes of diesel and special aviation fuel. More than 63% of the fuel production was directed to the domestic market.
Rompetrol’s other refinery, Vega, which produces bitumen and hexane, processed 373 kt of raw materials in 2022, up from 321 kt in the previous year.
The consolidated and unaudited financial statements of Rompetrol Rafinare include the results of parent company Rompetrol Rafinare, Rompetrol Quality Control, Rom Oil, Rompetrol Downstream, Rompetrol Logistics, Rompetrol Gas, and Rompetrol Petrochemicals.
Rompetrol Rafinare is the core asset of Dutch-based KMG International, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunayGas Group. Rompetrol Rafinarie operates two oil refineries, with Petromidia Navodari providing roughly 40% of Romania’s refining capacity.
Rompetrol Rafinare's shares traded 1.14% lower at 0.0865 lei as at 1206 CET on Thursday on the Bucharest Stock Exchange.
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