Double-digit profit gains for Motor Oil
Oil refining and trading company Motor Oil posted double-digit profit gains in the first half of 2024, it announced Wednesday.
Consolidated group earnings before interest, taxes, depreciation and amortization (EBITDA) were up 19.35%, reaching €638.7 million. Net profit rose 31.4% to €361.999 million. Group turnover rose 5.23% to €6.2 billion.
The main factors were a 3.78% rise in sales volume and an average 3.9% increase in the price of petroleum products. Sales volume was affected by the fact that almost all refinery units underwent maintenance from May-July 2023. Sales abroad accounted for 82.4% of total volume, up from 80.27% in the first half of 2023.
The company management sees EBITDA gains persisting in the second half due to the high utilization rate of its refinery, whose processing capacity has increased to 200,000 barrels per day from 185,000 previously.
Industrial activity will gain in importance relative to trade.
Investment reached €254 million from €167 million in the first half of 2023; the company is in the midst of implementing a €4 billion investment program by 2030.
