Slovenia: Energy company Petrol net profit more than doubles as sales up 20%

Slovenia: Energy company Petrol net profit more than doubles as sales up 20%

In the first six months of 2021, the Petrol Group’s adjusted gross profit stood at EUR 258.1 million, an increase of 44% year-on-year. As a result of successful adaptation of sales to market conditions and effective cost management, EBITDA increased by 59% compared to the same period of 2020; it stood at EUR 102.1 million, of which 55.4 % is accounted for by petroleum product sales, 18.5% by merchandise sales, 14.2% by the sale of other energy products (natural gas, electricity, LPG), and 11.9% by the sale of energy and environmental systems. The net profit stood at EUR 49.4 million, up 140% year-on-year.

“In the first six months of 2021, the adjusted gross profit, EBITDA and the net profit were better even if compared to the results achieved in the pre-pandemic period,” pointed out Petrol’s President of the Management Board, Nada Drobne Popović.

In the first six months of 2021, the Petrol Group sold 1.3 million tons of petroleum products, down 13% compared to the first half of 2020 (mostly as a result of the changed import regime in Italy).  Sales of liquefied petroleum gas stood at 66.3 thousand tons, down 13% year-on-year. As a result of lower temperatures during the heating season and increased sales on foreign markets, natural gas sales increased by 58% year on year and stood at 19.5 TWh. Sales of electricity to end customers increased with the incorporation of E 3, d.o.o. into the Petrol Group. In the first six months of 2021, revenue from the sale of merchandise totalled EUR 242.1 million, an increase of 6% compared to the same period of 2020. At the end of June 2021, the Petrol Group operated 500 service stations, of which 318 in Slovenia, 110 in Croatia, 42 in Bosnia and Herzegovina, 15 in Serbia and 15 in Montenegro.

“The Supervisory Board of Petrol d.d., Ljubljana, believes that the Company’s Management Board has been very successful in managing the Petrol Group’s operations in the current market situation, which is evidenced by the good business results achieved in the first six months of 2021. In the said period, the Petrol Group has successfully pursued its goals for 2021,” highlighted President of the Supervisory Board, Janez Žlak.