24 June 2018

HELPE says third quarter income is up 32%

10 November 17 - RE+D Magazine
HELPE says third quarter income is up 32%


NAI Hellas

Consultant - GREECE


Hellenic Petroleum (ELPE) said on Thursday third quarter net income rose 32 pct to 106 million euros and nine month net income rose 49 pct to 273 million euros.


Third quarter adjusted EBITDA rose 8 pct, to 206 million euros. Nine-month adjusted EBITDA reached 663 million euros, up 28 pct, while third quarter adjusted net income came in at 89 million euros.

The key drivers for the results were the good performance of Aspropyrgos and Thessaloniki refineries, which partly offset the negative impact of the Elefsina refinery maintenance shutdown, strong benchmark refining margins, lower cost of crude mix and increased sales in the domestic market.

Sales in domestic as well as aviation and bunkering markets continued to grow by 16 pct and 14 pct respectively, with total refining, supply and trading sales at 3.8m MT.

All business units reported positive contribution. In light of the reported results, the financial position and full year outlook, the Board of Directors approved a distribution of 0.15 euro per share as interim dividend for 2017.


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