Motor Oil Group announced strong financial results in the first quarter of the year.
Specifically, group revenues increased by 25% to 3.36 billion euros, EBITDA rose by 171% to 546 million euros and net profit climbed by 293% to 332 million euros. Excluding the impact of external factors (international prices and exchange rates), EBITDA amounted to 381 million euros (+77%) and net profit to 203 million euros (+113%).
The results reflect an increase in gasoline demand (+0.7%), in contrast to the consumption of automotive diesel and heating oil, which declined by 1.1% and 5.4% respectively.
The group’s crude oil supply sources were Iraq, accounting for 60%, followed by Libya (26%), Saudi Arabia (7%), Kazakhstan (5%) and the North Sea (2%).
Investments amounted to 70 million euros in the first quarter and are projected to reach 650 million euros by year-end, marking a seven-year high.
Source: Naftemporiki