Business News

Petrol reports 16% higher none-month profit

Ljubljana, 15 November (STA) - The Slovenian energy group Petrol posted a net profit of EUR 80.1 million in the first three quarters of the year, an increase of 16% from the same period of 2018, as sales rose by 10% to EUR 4.19 billion.

Commenting on the results in the report released on the website of the Ljubljana Stock Exchange on Friday, the management said that operations were running smoothly and in accordance with the company's strategy and annual despite the recent change in the management.

The reports shows that the group generated an adjusted gross profit of EUR 362.6 million in the first nine months of the year, up 14% on the same period a year ago.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 38% to EUR 170.9 million. EBITDA would have been lower, at EUR 152.9 million, had it included the net effect of financial transactions involving electricity trading.

More than half EBITDA (53%) was generated by sales of oil products, which rose by 15% year-on-year to 2.9 million tonnes.

Sales of merchandise and related services accounted for 19% of the EBITDA. Revenue from merchandise sales was up 1% to EUR 354.6 million.

Ten percent of EBITDA derived from sales of natural gas and electricity, 9% from sales of energy and environmental solutions, 7% from sales of liquefied petroleum gas, and 2% from production of electricity from renewable sources.

Sales of of liquefied petroleum gas increased by 16% year-on-year to 137,900 tonnes. Electricity sales and natural gas sales were also up by 16% to 15.8 TWh and 15.4 TWh, respectively.

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

The core company Petrol saw its sales revenue increase by 10% to EUR 3.28 billion, but net profit dropped by 19.4% to EUR 47.79 million.

Petrol shareholders will be meeting on 12 December to discuss the controversial resignation of the management team headed by Tomaž Berločnik with Nada Drobne Popović, who is acting as interim CEO, expected to provide the explanations in her previous capacity as chief supervisor.

For this year, Petrol projects group sales revenue to the tune of EUR 5.6 billion and a net profit of EUR 96.7 million.

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