OMV Petrom Group’s profit in Q1 up by 38 pct to RON 854 mln

Georgeta Gheorghe 03/05/2018 | 10:38

OMV Petrom Group recorded in the first quarter of 2018 a profit of RON 854 million, up by 38 percent year-on-year, when it stood at RON 618 million, the company announced on Thursday.

In the last quarter of 2017, the net profit stood at RON 642 million. The value of consolidated sales increased slightly, up by 5 percent, compared to the first semester of 2017, on the back of an increase in prices of oil products and natural gas and bigger volumes of electricity sales, partially counterbalanced by smaller volumes of natural gas sales and smaller prices for electricity.

Sales from Downstream Oil represented 70 percent of consolidated sales, while Downstream Gas represented 28 percent and those Upstream 2 percent. Upstream sales are largely sales inside the Group, not towards third parties.

The result of the CAA exploitation excluding special elements increased in the first semester by 25 percent to RON 958 million, following favourable market conditions and price discipline. The CAA net profit excluding special elements attributable to OMV Petrom shareholders stood at RON 752 million, up by 28 percent compared to Q1 2017, when it stood at RON 586 million.

In Q1 2018, special elements included net revenues of RON 71 million, while revenues from stocks totalled RON 50 million.

The company’s investments increased in the first three months of the year to RON 843 million, up by 139 percent year-on-year, when it stood at RON 353 million. It includes mainly investments in Upstream, which total RON 653 million in Q1 2018, compared to RON 324 million in Q1 2017. The increase in investments was triggered mainly by the intensification of drilling activities and preparations connected to the general revision of the refinery, the company said.

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