Hellenic Petroleum posts improved H1 2022 results
Rising energy prices have greatly helped refiner Hellenic Petroleum’s bottom line.
The company announced that sales in the first half of 2022 rose 71% compared to the same period in 2021, to €6.8 billion.
Operating (EBITDA) profit was €535 million in the second quarter and €633 million in the half, while net profit was €526 million and €872 million, respectively.
The company attributed the improved results to better refinery margins, better export and foreign subsidiary profitability and the increase in tourism arrivals, which boosted its sales to airlines and shipping companies.
Exports and airline and shipping fuel account for 71% of all sales.
The company also announced an extraordinary shareholders’ meeting for September to approve changes in the company’s name and logo.
CEO Andreas Shiamishis added that the company expects over €250 million from the sale of a natural gas infrastructure subsidiary that will allow Hellenic Petroleum to invest in new energy sources and boost the dividend.
