Motor Oil announced an increase in turnover and profitability for the first half of the year. Specifically, the gross margin stood at 306 million euros (compared to 51 million last year) while operating profit reached 171 million, compared to a loss of 79 million in 2020.
Net profit was 104 million compared to a loss of 122 million last year. Turnover rose to 2.8 billion euros from 1.7 billion euros last year.
The company also informed the Stock Exchange about the availability of funds raised from the issuance of a bond loan in March. A total of € 200 million was raised, of which € 117.6 million has been allocated so far (€ 54.6 million to finance part of the investment in the new oil refinery, € 20 million to finance investments in the Renewable Energy sector and 39.4 million for working capital).
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