Rompetrol Rafinare’s turnover up by 50 pct in the first half of 2018 to USD 2.6 billion

Aurel Dragan 16/08/2018 | 08:16

Rompetrol Rafinare, member of KMG International, recorded in the first half of the year a net profit of USD 2.77 million, after an increase of more than 50 percent of the gross turnover, up to USD 2.6 billion.

In the context of an increase by 27 percent of raw materials processed by its manufacturing units (Petromidia Navodari and Vega Ploiesti refineries, petrochemistry industry), the company reached during the first semester an operational result (EBITDA) of app. USD 86 million, by 49 percent more than the value corresponding to last year’s first semester.

In the same time, increase of volume of raw materials processed and of oil products sold, but also continuation of optimization of processing costs and of operational expenses allowed achievement, during January-June, of a net profit of USD 2.78 million, compared to the negative amount of USD 7 million achieved in 1st semester of 2017.

Results were also influenced by volatility of oil products, in a context where prices of raw materials – crude oil – increased by app. 36 percent, reaching, during the first semester, the amount of USD 70 / barrel. At European level, refining margins reduced, during the first semester of this year, by more than 12 percent compared to the indicator corresponding to the similar period of 2017, in the context of a significant increase of crude oil largely in excess of the evolution of oil products.

Refining and petrochemistry divisions of Rompetrol Rafinare managed to increase by 34 percent percent quantities of oil products exported during the first half of this year, their value amounting to over USD 926 million (exceeding by app. 80 percent the indicator achieved during the first semester of 2017).

This company remained a major contributor to the Romanian state budget, paying in excess of USD 435 million in the second quarter of 2018 and over USD 769 million in the first semester of 2018.

The main shareholders of Rompetrol Rafinare SA are KMG International (54.63 percent – direct and indirect shareholding) and the Romanian State, through the Ministry of Energy (44.69 percent).

In the refining segment, this company achieved a gross turnover amounting to USD 2.24 billion during the first semester of this year, an increase by app. 60 percent compared to the same period of 2017. This increase was determined, mainly, by the high prices of crude oil and oil products.

In the same time, the operational result EBITDA increased by 82 percent compared to the indicator achieved in 1st semester of 2017, up to USD 76.7 million. The net result achieved by the refining segment during this year’s first half was positive, USD 17.5 million, compared to the negative value of USD 17.2 achieved in the similar period of 2017.

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