HELLENIC PETROLEUM Group announced its 1Q21 financial results, with Reported EBITDA at €176m and Reported Net Income amounting to €90m. Adjusted EBITDA came in at €60m, with corresponding Net Income at €2m
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Reported Net Income was strong, mainly driven by the international oil prices recovery and their impact on inventory valuation, offsetting a significant part of the losses recorded in 2020, when the pandemic led to a sharp price decline.
In terms of operating profitability, which excludes the impact of international crude and oil product prices, international refining performance continues to be affected by reduced transport fuels demand and especially aviation fuel, due to travel restrictions. This market segment accounts for a significant part of production and sales, prolonging a period of particularly weak refining margins.
Regarding the Greek fuels market demand, 1Q21 was the lowest on record, as restrictions on travelling were in place throughout the quarter.
In addition, following the introduction of the new EU Emissions Trading System (EU ETS), the volume of rights sourced by the market has increased materially, which, combined with their large price increase, adds significant burden on the operating costs of European refineries and their competitiveness vs non-EU countries.
In this environment, the Group maintained its good operating performance; refining utilisation, supply optimization, options on higher domestic market share and the introduction of new premium fuels in retail, as well as the highest profitability on record for Petchems, partially offset the adverse business environment.
(for further reading, visit energia.gr)
