Business News

Petrol's H1 net profit halved to EUR 21 million, revenue down nearly a third

Ljubljana, 28 August (STA) - Petrol, Slovenia's largest energy group, saw its net profit halved to EUR 20.6 million in the first six months of the year, as sales plunged by 28%, to EUR 1.53 billion, due to the lockdown and subsequent coronavirus-related restrictions.

Profit before income tax, depreciation and amortisation (EBITDA) plunged by 22% to EUR 64.3 million, the company said in an earnings release on Friday.

The figures reflect the steep decline in personal and public transport during the spring lockdown, and the slow picking up since.

Volume sales thus declined by double-digit figures, with sales of oil derivatives, by far the company's largest segment, down 18%.

On the other hand, Petrol appears to have benefited from being allowed to open throughout the crisis, and for a long time being the only place to shop on Sundays.

Merchandise sales thus dropped by only 3%, to EUR 230.5 million.

The company said the figures reflected the economic crisis triggered by the pandemic that made it impossible to realise plans.

Issuing end-year guidance, Petrol said it expected volume sales of oil derivatives to be at 83-86% of last year's. EBITDA is projected to stand at 73-79% of last year's.

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