Greece’s largest petrochemical group, ATHEX-listed Hellenic Petroleum (Hel.Pe), reported a noteworthy hike in profits during Q2 2022, citing a worldwide trend in international refining and higher demand by the domestic market ahead of the summer tourism season.
The results
Hel.Pe reported EBITDA earnings of 535 million euros in the quarter, up significantly from 79 million euros in the corresponding period of 2021. Comparable net profits reached 367 million euros.
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The partially state-owned refinery group said better results offset the impact of higher energy costs for its own operations and interruptions in refinery production due to scheduled maintenance.
Production reached 3.2 million tons.
In terms of IFRS published EBITDA profits, they reached 738 million euros, with net profits at 526 million euros, on the back of skyrocketing international oil prices and the euro/US dollar exchange rate impact on the valuation of fixed reserves.
Statement
Commenting on the results, Hel.Pe CEO Andreas Siamisii, stated, in a press release:
“As a result, the second quarter with a comparable net profit of 367 million euros, is particularly positive with substantial improvements in all activities, mainly due to the conditions in the international markets, the increased demand in Greece and the ongoing actions to improve its operation Group. The change in the business model and the increased extroversion are paying off, as, in addition to the profitability brought by the investments, the contribution from exports, foreign subsidiaries and sales to aviation, for the first time, far exceeded the contribution from the domestic market.
The benefits of the new business strategy, the upgraded corporate governance, as well as the new organizational structure, have become visible within a short period of time and allow a more dynamic development of the Group. With today’s decision to convene an Extraordinary General Meeting of our shareholders to approve the renewal of our corporate identity, we are closing the first round of actions we committed to in the framework of our Vision 2025 strategic plan.”
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