Motor Oil expands into environmental services
Refiner Motor Oil Hellas announced significantly better first-half results Tuesday, along with an expansion into environmental services, namely waste management and recycling.
Turnover in the first half of 2022 rose to €7.89 billion, up from €4.156 billion during the same period in 2021.
Operating (EBITDA) profit rose to €932.1 million from €250.8 million and after-tax profit to €686 million from €121 million.
Investments in the first half reached €261 million and net debt was reduced to €1.407 billion from €1.45 billion at the end of 2021.
Sales abroad and to shippers reached 79.38% of total consolidated sales.
The company also announced the acquisition of 100% of biofuel production and trading company Elin Verd for €15.4 million.
As part of its expansion into environmental services, Motor Oil is leading a consortium bidding for waste management in Attica and Thessaloniki, with the two public-private partnership ventures having a budget of €1 billion.
