Motor Oil Energy Group posted a significant year-on-year increase in the nine months of this year. In particular, due to the increase in average prices for petroleum products (in US dollars), combined with the strengthening of the dollar against the euro, the listing group increased its turnover by 79%, to 12.7 billion euros, and more than doubled its profit before interest, depreciation and taxes (Ebitda) in the amount of 1.4 billion euros. During the same period, year-on-year net income of Motor Oil almost quintupled from €206.3 million to around €1 billion.

In the third quarter, year-on-year turnover increased to 4.8 billion euros from around 3 billion euros, while consolidated EBITDA nearly tripled to 459.3 million euros. In this development, the contribution of the subsidiaries Coral and Avin with Ebitda with a total value of 25.5 million euros, NRG with 17.7 million euros, Motor Oil Renewable Energy Monorosopi with 13.1 million euros and LPC with 5 million euros is important. Consolidated profit before tax (EBT) was €405.3 million (up from €107.5 million) and consolidated net income roughly quadrupled to €321.8 million (up from €85.2 million).

In the third quarter, refinery sales volumes were 3.8 million metric tons

In a year-on-year comparison, the group’s profitability increased by almost five times.

The formation of the Ebitda indicator at the level of historical highs is due, in addition to the strengthening of the dollar against the euro, and the increase in the percentage of refineries in the industrial sales volume. As well as in the historically high international margins for the processing of middle distillates (diesel, jet), for which the increase in production capacity of the Motor Oil Refinery (HELLAS) dates back to 2005 as a result of the construction of a hydrocracking complex.

Commenting on the nine-month figures on the impact of the war in its financial report, Motor Oil notes that due to the geographic location and technological flexibility of its refinery, the company is able to source crude oil from a variety of suppliers, including national state-owned enterprises. owned by companies in the Middle East. Thus, an uninterrupted supply of the refinery is ensured. In terms of the impact of energy costs, the company says its refinery has the flexibility to choose the best combination of feedstock and fuel that is best utilized during periods of price fluctuations. At the current stage, and taking into account the significant increase in natural gas prices from 2021, the use of naphtha, fuel oil and LPG was chosen as a fuel feedstock.

With regard to the upward trend in interest rates, it is noted that the company has extended the maturity of a significant portion of its debt obligations through the issuance of Eurobonds in the amount of 400 million euros, listed on the Euronext Dublin Stock Exchange, maturing in 2026, and ordinary bonds, listed on the Athens Stock Exchange with a nominal value of EUR 200 million maturing in 2028 and bearing an interest rate of 2.125% and 1.90% respectively.