The results improvement was achieved in a weak economic environment in terms of demand and benchmark refining margins in 1H21, as well as the global energy crisis in second half and was driven mainly by increased production and exports of refined products and the overall positive performance of the international subsidiaries.
Production and sales of oil products increased to 14.4m MT (+4%) and 15.2m MT (+6%) respectively, with exports at their second highest level in the Group’s history.
Petchems captured the improved international environment and recorded a historical high in terms of profitability at €131m, while Domestic and International Marketing considerably improved their contribution, as markets gradually recovered, despite higher operating costs.
The Reported Net Income in 2021 amounted to €341m, the second highest in the history of the Group, reversing last year’s losses of €397m, as crude oil prices recovered significantly from the historical lows recorded in 2020.
The Board of Directors, considering the results and outlook, decided to proceed with the distribution of dividends of €0.40/share; €0.30/share will be distributed in April and €0.10/share after the AGM.
Total demand in the domestic market for ground fuels was 1.5% higher, reaching 6.4m MT, while the consumption of auto-fuels increased by 6.6% in 2021, as a result of the lifting of mobility restrictions, in contrast with heating gasoil which decreased 17% due to milder weather conditions. Aviation fuels increased significantly by 90% due to the increase of tourist traffic and bunkering fuels grew by 7.2% due to increased coastal shipping activity.
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