You have 5 free articles left this month. Get your free Basic subscription now and gain instant access to more.

SEE-active Hellenic Petroleum's 9-mo EBITDA grows 3% y/y, sales up 43%

SEE-active Hellenic Petroleum's 9-mo EBITDA grows 3% y/y, sales up 43% The Okta oil refinery. Author: Hellenic Petroleum. License: All rights reserved.

SOFIA (Bulgaria), November 24 (SeeNews) - Greece-based energy group Hellenic Petroleum said on Wednesday that its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) went up by 3% on an annual comparison basis in the first nine months of 2021, reaching 264 million euro ($296 million).

The company's sales added 43% year-on-year in the January-September period of 2021, to 6.4 billion euro, Hellenic Petroleum said in an interim financial statement.

In the third quarter alone, Hellenic Petroleum recorded an EBITDA of 125 million euro, up 90% on the year, and saw its sales increase by 66% to over 2.4 billion euro, the financial statement showed.

Hellenic Petroleum's business in SEE comprises networks of filling stations in Bulgaria, Serbia, Montenegro, Macedonia operating under the EKO brand, the OKTA oil refinery in Macedonia, as well as filling stations in Cyprus. The group owns three of Greece's four oil refineries.

The company's net income came in at 258 million euro in the first nine months of 2021, improved by over 600 million euro compared to the like period of last year.

"Results were mainly driven by oil demand recovery in all key markets, as well as improved benchmark refining margins, following several quarters at historical lows. The strong operational performance in refining and marketing, both in Greece and internationally, as well as the first results from the strategic transformation programs, also had a positive impact," Hellenic Petroleum said.

A significant part of the operational improvement was offset by the surge in energy costs and carbon dioxide emissions allowance pricing, which has become one of the most important challenges for industries in Greece and internationally, the company noted.

"Refining, supply and trading increased its contribution to the highest levels of the last five quarters, led by the higher refining availability and the improvement in the international environment. Furthermore, fuel demand in Greece continued to increase, with domestic sales accounting for 50% of total sales, the highest since 2019," the company said.

($ = 0.89167 euro)

Compare