The consolidated profit before tax of Hellenic Petroleum for the nine month period from January to September 2003, was €252.8 million against €117.4 for the same period last year, increased by 115.4%.
Consolidated EBITDA reached €264.5 million in 2003 against €236.6 million in the previous year, representing an increase of11.8%, while capital expenditure and net investment totaled €162.9 million, against €94.5 million in 2002.
The Chairman of the Board of Hellenic Petroleum, Mr. George Moraitis, commented: « So far, with nine-month profit growing by more than 115%, we have had one of our best seasons ever. This remarkable performance comes as a direct result of our ability to take full advantage of the positive trend in international refining margins by effectively increasing our refining production and the sales from our domestic and international marketing network. Over this period, we have delivered on our strategic goals and have further strengthened our competitive position in Greece and abroad.”
The performance of the individual business segments of HP was as follows:
In refining, the total net production volume for the period increased, reaching 9.5 million tons. The corresponding refining sales volume also followed this positive trend and totaled 10.6 million tons.
In marketing, the consolidated domestic and international sales volume was 3.6 million tons, reflecting an increase of 16.3% compared to 2002. The growth in sales volume resulted in the increase of the marketing segment's contribution to the Group results (profit before tax) to €24.4 million, from €17.8 million in 2002 (.: 37.1%).
An important milestone for the Group was the successful launch in the third quarter of 2003 of the new generation Kinitron® products produced by HP under EU 2005 specifications.
In petrochemicals, sales reached 291 thousand tons, up by 23.4% compared to the previous year.
In the context of delivering on its strategic goals the Group has achieved significant milestones, the most important of which are listed below:
• The further strengthening of the competitive position of the Group in Greece after the successful absorption of Petrola Hellas S.A.
• The expansion of the marketing network of EKO in SE Europe, with the consolidation of the acquired networks in Cyprus and Montenegro and the operation of new petrol stations in Serbia, Bulgaria, Albania and Georgia.
• The development of E&P activities in Montenegro, Albania and Libya.
• The efficient operation of the fully integrated polypropylene production plant, resulting in the strengthening of the Group's presence in the petrochemicals market.
• The completion of 30% of the construction of the 390MW gas fired – combined cycle power generation plant in Thessaloniki (North Greece).
• The acquisition and operation of a double hull carrier for oil products, which resulted in a significant decrease in transportation costs and enhanced transportation safety.
• The preparation for the early producing in 2004 of the new environmentally friendly fuels in compliance with the EU 2005 specifications.
Consolidated EBITDA reached €264.5 million in 2003 against €236.6 million in the previous year, representing an increase of11.8%, while capital expenditure and net investment totaled €162.9 million, against €94.5 million in 2002.
The Chairman of the Board of Hellenic Petroleum, Mr. George Moraitis, commented: « So far, with nine-month profit growing by more than 115%, we have had one of our best seasons ever. This remarkable performance comes as a direct result of our ability to take full advantage of the positive trend in international refining margins by effectively increasing our refining production and the sales from our domestic and international marketing network. Over this period, we have delivered on our strategic goals and have further strengthened our competitive position in Greece and abroad.”
The performance of the individual business segments of HP was as follows:
In refining, the total net production volume for the period increased, reaching 9.5 million tons. The corresponding refining sales volume also followed this positive trend and totaled 10.6 million tons.
In marketing, the consolidated domestic and international sales volume was 3.6 million tons, reflecting an increase of 16.3% compared to 2002. The growth in sales volume resulted in the increase of the marketing segment's contribution to the Group results (profit before tax) to €24.4 million, from €17.8 million in 2002 (.: 37.1%).
An important milestone for the Group was the successful launch in the third quarter of 2003 of the new generation Kinitron® products produced by HP under EU 2005 specifications.
In petrochemicals, sales reached 291 thousand tons, up by 23.4% compared to the previous year.
In the context of delivering on its strategic goals the Group has achieved significant milestones, the most important of which are listed below:
• The further strengthening of the competitive position of the Group in Greece after the successful absorption of Petrola Hellas S.A.
• The expansion of the marketing network of EKO in SE Europe, with the consolidation of the acquired networks in Cyprus and Montenegro and the operation of new petrol stations in Serbia, Bulgaria, Albania and Georgia.
• The development of E&P activities in Montenegro, Albania and Libya.
• The efficient operation of the fully integrated polypropylene production plant, resulting in the strengthening of the Group's presence in the petrochemicals market.
• The completion of 30% of the construction of the 390MW gas fired – combined cycle power generation plant in Thessaloniki (North Greece).
• The acquisition and operation of a double hull carrier for oil products, which resulted in a significant decrease in transportation costs and enhanced transportation safety.
• The preparation for the early producing in 2004 of the new environmentally friendly fuels in compliance with the EU 2005 specifications.
3287.99
1275.09