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Rompetrol Rafinare ends first quarter of 2023 with net profit of 14.5 million dollars
Rompetrol Rafinare, a member company of the KMG International Group, recorded, in the first quarter of 2023, a net profit of 14.5 million dollars, compared to losses of 132.8 million dollars reported at the end of March 2023, according to a release sent on Monday.
"Rompetrol Rafinare (...) reached, in the first quarter of 2023, a consolidated gross turnover of about 1.3 billion dollars, up 10% compared to the same period last year. The evolution was determined by the higher amount of raw materials processed and products obtained in the Petromidia refinery, which supported the increase in sales volume, compared to Q1 2022. The operating profit (EBITDA) recorded was 100 million dollars, and the net result was a positive one, of $14.5 million, despite the drop in prices on the international market for crude oil and refined products - decreases of 20% for crude oil, 10% for gasoline and 8% for diesel, compared to the levels of the 1st quarter of last year, the release mentioned.
According to the quoted source, the increasing results were also obtained in the context in which, for approximately 10 days, the Petromidia refinery operated at reduced capacity, for maintenance work, at the beginning of February.
Rompetrol Rafinare continued to sell the products obtained, mainly on the domestic market, to ensure the increased demand for fuels in Romania. Thus, in the first three months of 2023, the company directed 63% of the gasoline and diesel produced in Petromidia to the domestic market.
At the same time, the company supported, with important volumes of oil products, the subsidiaries of the KMG International Group, Rompetrol being the most important fuel supplier in the Republic of Moldova, Georgia and with a significant presence in Bulgaria.
The total value of exports made by Rompetrol Rafinare (through the refining and petrochemical divisions) in the first quarter of the year, amounted to 334 million dollars, an increase of 22%, compared to the Q1 2022 period, against the background of a volume of 45% higher of the quantities of exported products - 462,000 tons in the period January - March 2023.
Rompetrol Rafinare was, also in the first quarter of the year, a major contributor to Romania's state budget, paying over 367 million dollars in the first three months of 2023.
The significant shareholders of Rompetrol Rafinare SA are KMG International (54.63% - directly and indirectly) and the Romanian State, through the Ministry of Energy (44.7%).
(Photo:rompetrol.com)