The Motor Oil refinery group on Tuesday reported a noteworthy increase in operating and net profits for the first quarter of 2023.
Net profits increased by 20 percent to 237 million euros in the January-March 2023 period, compared with the corresponding period in 2022. Turnover was only moderately up, by 2 percent, reaching to 3.3 billion euros, while and operating profits rose by 25 percent to total 397 million euros.
The petrochemical and refinery group said the performance came despite a decrease in fuel volume sales by 5.2 percent in the first quarter of 2023, reflecting a 33-percent decrease in heating oil sales.
Conversely, gasoline sales rose 6 percent; diesel 4 percent, and aviation fuel increased by 25 percent.
Electricity production sales also fell in the first quarter.
Motor Oil announced a 1.60-euro per share dividend to shareholders.
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