November 16 (SeeNews) - Romania's Rompetrol Rafinare [BSE:RRC] turned to a consolidated net profit of 161.2 million dollars (155 million euro) in the first nine months of 2022, from a net loss of 57.8 million dollars in the same period of 2021, it said.
Rompetrol Rafinare's consolidated results improved as a result of higher market quotations compared to similar periods last year, the company said in a press release on Tuesday.
Rompetrol Rafinare's consolidated operating result (EBITDA) rose to 327 million dollars in the January-September period, compared to 87 million dollars in the like period on 2021.
Gross turnover rose to 4.87 billion dollars during the review period, from 3.28 billion dollars a year earlier.
In the first nine months of the year, Rompetrol's Petromidia Navodari refinery processed over 3.8 million tonnes of raw materials, compared to 3.32 million tonnes in the like period of 2021, achieving a production of approximately 1 million tonnes of gasoline and 1.97 million tonnes of diesel and Jet A1 fuels. More than 60% of fuel sales were concentrated on the domestic market.
Rompetrol's other refinery, Vega, which produces bitumen and hexane, processed 267.7 kt of raw materials in the January-September period, compared to 227 kt in the comparable period of 2021.
During the first nine months of 2022, the petrochemical segment of the company processed a total of 92 kt of polypropylene, compared to 74 kt in the first nine months of 2021. The volume of processed ethylene rose to 31 kt in January-September 2022, from 27 kt in the year ago period, while polymer production rose to 94 kt from 73 in the same period of last year.
In the distribution segment, Rompetrol's net profit soared to $1.68 million in the nine months through September, compared to $29.6 million the like period of 2021.
At the end of September, Rompetrol Downstream's distribution segment comprised 1,235 points of sale, including its own network of stations, partner stations and mobile stations.
The consolidated and unaudited financial statements of Rompetrol Rafinare include the results of parent company Rompetrol Rafinare SA, 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 KazMunayGaz Group. Through its two oil refineries, Rompetrol Rafinare provides over 40% of Romania's refining capacity.
Rompetrol Rafinare's shares traded 3.23% higher at 0.08 lei ($0.01/0.01 euro) as at at 1014 CET on Wednesday on the Bucharest Stock Exchange.
($ =0.959 euro)
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