May 18 (SeeNews) - Romania’s Rompetrol Rafinare [BSE:RRC] said it turned to a consolidated net profit of $14.5 million (13.4 million euro) in the first quarter of 2023, from a net loss of $132.8 million in the same period of 2022.
Rompetrol rafinare's gross revenues increased by 10% on the year to $1.284 billion in the first three months of 2023, mainly supported by an increase in sold volumes as a result of an uptick in production at the Petromidia refinery, the company said in an unaudited financial report filed with the Bucharest Stock Exchange on Monday.
The company's consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $100.9 million in January-March, from a negative $86.7 million a year earlier.
Total assets fell to $2.612 billion at the end of March, from $11.876 billion a year earlier, while total liabilities dropped to $2.059 billion from $9.362 billion.
Romepetrol’s Petromidia refinery saw a 31% annual increase in the volume of processed feedstock, to 1.279 million tonnes in the first quarter of 2023.
Meanwhile, the Vega facility saw a 10% annual increase in the volume of processed raw materials for the first quarter of 2023, to 76,000 tonnes. The Vega facility primarily outputs bitumen and hexane.
The company's refining segment booked a net profit of $22.2 million in January-March.
In the company’s petrochemical sector, 32 kilotonnes (kt) of propylene were processed for the first quarter of 2023, up by 17% on the year. The volume of ethylene processing fell by 56% year-on-year, to 4 kt. The petrochemicals segment widened its net loss by 76% on the year, to $19.9 million in the first three months of 2023.
Rompetrol Rafinare’s marketing segment turned to a net profit of $12.99 million, from a net loss of $13.12 million over the first quarter of last year.
At the end of March, Rompetrol Rafinare had a distribution network of 1,284 points of sale, including its own stations, partner stations, and mobile stations.
Rompetrol Rafinare is part of Dutch-based group KMG International, in turn fully owned by Kazakhstan’s state-owned KazMunaiGroup. Rompetrol Rafinare’s main stakeholders are KMG International at 48.1% and the Romanian state, which holds a 44.7% stake. The remaining 7.2% is in free float on the Bucharest bourse.
Rompetrol Rafinare shares traded 1.25% higher at 0.081 lei ($0.01762/ 0.01629 euro) per share at 1230 CET, on Thursday on the BVB.
($=0.9245 euro)
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