Petrol Reports 15% Rise in Net Profit, at €105.2m

By , 13 Mar 2020, 10:18 AM Business
Petrol Reports 15% Rise in Net Profit, at €105.2m Wikimedia - Minale Tattersfield CC-by-2.0

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STA, 13 March 2020 - The energy group Petrol last year generated sales revenues of EUR 4.4 billion, which is 1% more than in 2018, while net profit was up by 15% to EUR 105.2 million, the parent company said in a press release on Friday as it presented the annual report.

The group last year posted EUR 472.9 million in adjusted gross profit, up 7% year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 9% to EUR 196.5 million.

The net debt-to-EBITDA ratio at the end of 2019 was 1.8, up from 1.7 at the end of 2018.

It sold 3.7 million tonnes of petroleum products in 2019, 6% more than in 2018, at a total of 509 of its service stations.

The group operated 318 stations in Slovenia, 110 in Croatia, 42 in Bosnia-Herzegovina, 14 in Serbia, 14 in Montenegro and 11 in Kosovo at the end of last year.

The group also sold 21.5 TWh of natural gas, 176,400 tonnes of liquefied petroleum gas, 22.6 TWh of electricity and 145.8 thousand MWh of heating energy. No comparisons with 2018 were provided.

Revenues from sales of merchandise and related services meanwhile amounted to EUR 466.5 million in 2019, on a par with 2018.

The report notes that 13% of EBITDA last year was generated with energy and environmental solutions, with the "production of electricity from renewable sources gaining in importance".

The plan for this year is to EUR 6.4 billion in sales revenue, EUR 510 million in adjusted gross profit, EUR 214.8 million in EBITDA, EUR 109.8 million in net profit, and the net debt-to-EBITDA ratio at 1.7.

Sales of petroleum products in 2020 are expected to amount to EUR 3.4 million tonnes and sales of merchandise and related services at EUR 467.6 million.

The current strategy is valid for until 2022, but the new management, appointed earlier this year, has announced that a new strategy until 2025 will be drafted by the summer.

As for the coronavirus outbreak, Petrol said that "there have been no disruptions to our operations so far", adding that "action plans are in place to ensure energy product supply should the situation deteriorate."

The annual report was discussed by the supervisory board on Thursday. "In 2019 the Petrol group performed very well, exceeding the set targets," the board said in today's press release.

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