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Petrol expects EUR 104m in profit next year

Ljubljana, 18 December (STA) - Energy group Petrol expects EUR 3.5 billion in sales revenue and EUR 104.4 million in net profit next year. The achievement of these goals will depend on the post-pandemic recovery, the underlying assumption being that the pandemic will be contained in the first half of 2021, the company said on Friday.

Gross profit is to reach EUR 490 million, earnings before interest, taxes, depreciation and amortisation (EBITDA) is planned at EUR 213.5 million, shows the company's business plan, which the supervisors confirmed on Thursday.

The Petrol management said it had set high goals, expecting that the pandemic would be contained with vaccination in the first half of 2021. If, however, this is not the case, the company will update its plans in the second half of the year.

The group has drawn up different scenarios for operations this year due to the uncertain conditions. The projection is that amount of petroleum products sold will reach between 83% and 86% of last year's figure.

Gross operating profit could stand between 73% and 79% of last year's of between 77% and 84% when not factoring in one off events, with EUR 11 million worth of these having been excluded from last year's operating profit.

Last year, the Petrol group generated EUR 4.4 billion in net sales, while its net profit rose by 15% to EUR 105.2 million. The group sold 3.7 million tonnes of petroleum products.

Petrol says in today's press release, that the group has been optimising costs in the face of the pandemic. Its investment policy in 2021 will focus on expansion of electricity production from renewable energy sources, fuel retail and energy solutions.

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