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UPDATE 1 - Slovenia's Petrol 9-mo net profit rises 16%

UPDATE 1 - Slovenia's Petrol 9-mo net profit rises 16% Northfoto/

LJUBLJANA (Slovenia), November 15 (SeeNews) – Slovenian energy group Petrol [LJE:PETG] said on Friday its consolidated net profit rose 16% on the year to 80.1 million euro ($88.2 million) in the first nine months of 2019.

The Petrol Group's sales revenue for the January-September period totalled 4.2 billion euro, up from 3.8 billion euro in 2018, Petrol said in a bourse filing.

The nine-month EBITDA totalled 170.9 million euro, a 38% increase over the same period of 2018.

The energy group generated an adjusted gross profit of 362.6 million euro in the period under review, a 14% increase year-on-year.

The business results achieved in the first nine months of 2019 reflect the group’s success in fulfilling its goals for the year, Petrol noted.

In December 2018, Petrol said it expects a consolidated net profit of 96.7 million euro in 2019. The group plans sales revenue of 5.6 billion euro, whereas gross profit is forecast at 475 million euro.

In the review period, Petrol Group sold 2.9 million tonnes of oil products, 15% more than in the first nine months of 2018. The group sold 137,900 tonnes of liquefied petroleum gas, up 16% from the same period of 2018. In the first nine months of 2019, the group sold 15.8 TWh of electricity and 15.4 TWh of natural gas. Revenues from sales of merchandise amounted to 354.6 million euro, up 1% from the figure achieved in the same period of 2018.

The group derived 53% of its EBITDA from the sales of oil products. Sales of merchandise and related services accounted for 19% of the group’s EBITDA, sales of other energy products (natural gas and electricity) for 10%, sales of energy and environmental solutions for 9%, sales of liquefied petroleum gas for 7%, and the production of electricity from renewable sources for 2% of its EBITDA.

At the end of September, the Petrol Group operated 507 service stations, of which 318 in Slovenia, 109 in Croatia, 42 in Bosnia and Herzegovina, 14 in Serbia, 13 in Montenegro and 11 in Kosovo.

Petrol's shares last traded at 351.0 euro on the Ljubljana Stock Exchange on Thursday, down 0.28%

($ = 0.9084 euro)