Motor Oil has unveiled a further improvement in its performance in the first quarter of 2023. Published operating income increased by 25% compared to the corresponding quarter of 2022 to 397 million euros, while net income also increased by 20% to reach 237 million euros from 197 million euros in the first quarter of 2022. A slight increase (2%) was marked by the company’s turnover, which reached 3.307 billion euros from 3.258 billion euros in the first quarter of 2022.

Adjusted EBITDA (excluding the impact of oil price fluctuations) further improved to EUR 447 million from EUR 189 million in the first quarter of 2022. Accordingly, adjusted net income was €276m from €97m. in the first quarter of 2022.

With regard to dividends, it should be recalled that the company’s management will propose to the annual general meeting in June to distribute the total gross dividend for 2022 in the amount of 177,252,758 euros, or 1.6 euros per share.

A dividend of €1.6 per share will be proposed by management at the general meeting in June.

Key results include a significant reduction in the group’s net debt from €1.763 billion at the end of 2022 to €1.549 billion in the first quarter of the year. Free cash flow was €234 million versus negative cash flow of €300 million in the first quarter of 2022, and capital invested is €3.916 billion.

As for the indicators of individual industries, the turnover of oil refining amounted to 2.436 billion euros, and EBITDA – 344 million euros. The Fuel Trading Division achieved a turnover of EUR 1.144 billion and an EBITDA of EUR 6 million, while the Electricity and Natural Gas Division achieved a turnover of EUR 234 million and an EBITDA of EUR 53 million.

Motor Oil Group achieved a refining margin of $143/mt and an adjusted refining margin of $155/mt compared to a market average of $129. In the first quarter of the year, 3,449 metric tons were processed in volume terms, compared to 3,371 last year in the first quarter. As for the oil mixture, 67% came from Iraq, 14% from Libya, 10% from the North Sea and 9% from Kazakhstan.

In the fuel trading sector, the number of stations increased by 30 to 1,530 stations compared to the first quarter of last year, and in terms of sales volumes reached 922,000 metric tons compared to 804,000 thousand in the same period last year.

As a reminder, after the first quarter, the company proceeded to acquire THALIS SA, which is active in the field of the environment and especially in the field of the circular economy. It offers a wide range of end-to-end sustainable solutions in solid and waste management, water and liquid waste management, and resource, energy and renewable energy use in infrastructure, management says. In May 2023, the group, through its 100% subsidiary MORE, acquired 75% of the share capital of UNAGI SA, whose purpose is to generate electricity.