The turnaround to loss was due to the volatility of international prices for crude oil and refined products, the company said in a preliminary financial report filed with the Bucharest Stock Exchange on Thursday. Petrol quotations fell by 14% in 2023, while diesel quotations dropped by 21%.
Rompetrol's consolidated gross turnover shrank by an annual 19% to $5.33 billion last year, while its earnings before interest, tax, depreciation, and amortisation (EBITDA) plummeted 57% to $201.2 million.
The company's refining segment accounted for most of the negative net result in 2023, booking a net loss of $227.3 million. The petrochemical segment narrowed its net loss by 8% to $79.2 million, while the distribution segment posted a net profit of $35.4 million, up 9% year-on-year.
In 2023, Rompetrol’s Petromidia Navodari refinery processed about 5 million tonnes of raw materials, a 5% decrease from the previous year. Petromidia produced almost 3.9 million tonnes of fuels, of which 65% was delivered to the domestic market.
The volume of raw materials processed in 2023 by the Vega refinery, the only bitumen and hexane producer in Romania, stood almost flat year-on-year at 374 kt, compared to 373 kt tonnes processed in 2022.
In 2023, Rompetrol paid a solidarity contribution of $128 million for its activity in 2022. The company anticipates that this tax will decrease to $31.1 million for 2023.
Consolidated total assets grew by 3% year-on-year to $2.46 billion at end-2023. Total current liabilities fell by 3% to $1.51 billion, while total non-current liabilities soared by 135% to $688.8 million.
Rompetrol Rafinare is part of KMG International, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunayGas Group. Rompetrol Rafinare’s main shareholders are KMG International at 48.1% and the Romanian state, which holds a 44.7% stake, while the remaining 7.2% is in free float on the Bucharest bourse. Rompetrol Rafinare operates two oil refineries, with Petromidia Navodari being the largest in Romania.
Rompetrol's shares traded 1.91% higher at 0.08 lei as at 1153 CET on March 1 on the Bucharest Stock Exchange.
