Performance has been positively affected by increased refining units availability, leading to higher sales and improved operations, partly offsetting weaker refining margins, while Marketing and Petrochemicals’ performance also improved in 3Q24.
Downstream output in 3Q24 increased by 6% to 3.9m MT, while sales reached 4.2m MT (+8%), at the highest level since 3Q16, with exports corresponding to 46% of the total.
On 19 July 2024, L.5122 was passed for the imposition of a temporary Solidarity Contribution, which is calculated on the tax profits of FY23, which exceed 120% of the average respective results of 2018-2021, in accordance with the relevant European Regulation. The extraordinary contribution, on top of normal corporate taxation, amounts to €223m and will be paid in February 2025. The net impact on 3Q24 Reported Net Income amounts to €173m.
Considering the 9M24 results and the outlook for the FY24 period, the Board of Directors of HELLENiQ ENERGY Holdings decided the distribution of an interim dividend of €0.20 per share to its shareholders.
Increased demand for fuels in the domestic market
Domestic market demand in 3Q24 reached 1.7m MT, 2% higher than 3Q23, with automotive fuels consumption increasing by 3%. Aviation and marine fuels demand grew by 10% and 6% y-o-y respectively.
Balance sheet and capital expenditure
Operating cash flow amounted to €126m in 3Q24, while capital expenditure reached €59m, directed mainly to maintenance and safety projects at the refineries, alongside maintenance and expansion projects at the Thessaloniki polypropylene plant.
Net debt increased q-o-q to €1.77bn. During 3Q24, the final dividend for the fiscal year 2023 was distributed, amounting to €183m.
Furthermore, in 3Q24 the debt refinancing cycle was successfully concluded, while the Oct’ 24 outstanding notes (€300m) were fully repaid. Over the past 2 years, the Group’s balance sheet and the debt maturity profile have significantly improved, as demonstrated by the extension of the average maturity to five years, along with a re-balanced exposure to floating vs fixed interest rates. Furthermore, the current credit headroom, excluding project finance, exceeds €1.1bn.
