June 21, 2024
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HomeSEE Energy NewsSlovenia: Petrol recorded 52.8 million euros profit in H1

Slovenia: Petrol recorded 52.8 million euros profit in H1

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Slovenian Petrol Group achieved a net profit of 52.8 million euros in the first six months of 2023, compared to a 1.3 million euro loss in the same period last year. Sales revenue decreased by 17%, to 3.4 billion euros due to lower energy prices and reduced trading volumes of electricity and natural gas.

Petrol sold 1.86 million tons of fuel and derivatives in the first six months of this year, which is 1% lower than in the same period in 2022. The decrease in sales is a result of price regulation of oil derivatives in the previous year, when oil derivative prices were lower than in neighbouring countries for most of the period, which increased sales. Additionally, at the beginning of last year, due to the uncertain oil market situation, customers accumulated inventories.

The adjusted gross profit during this observed period amounted to 264.7 million euros, which is 8 % more than in the first six months of the previous year. Meanwhile, the operating profit before interest, taxes, depreciation, and amortization (EBITDA) amounted to 116.3 million euros (compared to 48.5 million euros in the same period last year). The largest increase in EBITDA was recorded in the fuel and derivatives sales segment as a result of milder regulation of the prices of certain oil derivatives.

The group’s operating costs increased by 17% to 275.1 million euros, mostly due to higher energy prices and increased labour costs.

For investments in long-term assets and long-term financial investments in the first six months of this year, 36.2 million euros were allocated. 36.8 percent of the investments were dedicated to the energy transition.

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