March 17 (SeeNews) - Slovenian energy group Petrol [LJE:PETG] turned to a net loss of 2.9 million euro ($3.1 million) for 2022 from 124.5 million euro in the previous year, it said.
"The high prices of fuel and energy commodities and the rising inflation drove governments to impose caps on the prices of fuels, electricity, and natural gas in all markets where the Petrol Group operates. This had a profound effect on operations and, consequently, the realisation of the Petrol Group’s business plan for 2022," Petrol said in a filing with the Ljubljana Stock Exchange on Thursday.
Sales revenue more than doubled to 9.5 billion from 5.0 billion euro, backed by the rising cost and selling prices of motor fuels and energy commodities, the high volumes of fuels and petroleum products sold due to the low prices and the integration of Crodux derivati dva, the Slovenian company noted.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) went down by an annual 60% to 96.3 million euro in 2022, primarily a result of the regulation of motor fuel prices in all markets in the amount of 188.9 million euro and the regulation of other energy commodities in the amount of 8.3 million euro.
Petrol was forced to adjust its investment funds to the changed circumstances and earmarked 59.8 million euro for investments, of which 48% for energy transition projects, down from the 100 million euro planned.
Petrol's shares traded 0.88% lower at 22.40 euro on Thursday on the Ljubljana bourse.
($ = 0.9379 euro)