Helleniq Energy Holdings SA announced its consolidated financial results for the third quarter, with Adjusted EBITDA amounting to 183 million euros and Adjusted Net Income to 49 million euros, while in the nine-month period the equivalent amounts reached 753 million euros and 284 million euros respectively.
Performance has been positively affected by increased refining units availability, leading to higher sales and improved operations, partly offsetting weaker refining margins.
Considering the nine-month results and the outlook for the full year, the Board of Directors of HELLENiQ ENERGY Holdings decided the distribution of an interim dividend of 0.20 euros per share to its shareholders.
Operating cash flow amounted to 126 million in the third quarter, while capital expenditure reached 59 million, directed mainly to maintenance and safety projects at the refineries, alongside maintenance and expansion projects at the Thessaloniki polypropylene plant.
Net debt increased q-o-q to 1.77 billion euros. During the third quarter, the final dividend for the fiscal year 2023 was distributed, amounting to 183 million.
Commenting on the results, Group CEO Andreas Shiamishis said: “In the third quarter we achieved very good operational performance in refining, with oil products output reaching a six-year high and sales at an eight-year high, driven by increased availability of our refining units. As expected, third quarter financial results were affected by weak benchmark refining margins. Nonetheless, the nine-month performance remains particularly positive, with the Refining, Supply & Trading business contributing approximately 0.6 billion (80%) to the Group Adjusted EBITDA, which amounted to 0.75 billion. Notable improvement has also been delivered by the Marketing business in Greece and internationally. At the same time, the RES business’ organic growth is progressing, contributing 50 million of annual EBITDA in just 3 years from its inception.”
“The implementation of the Vision 2025 strategic plan continues, with the objective of improving our position in the energy market and our environmental footprint. The results thus far justify the balanced transition to RES and highlight the importance of enhancing operational performance across all core businesses, as well as pursuing international expansion. Furthermore, ongoing initiatives are underway to further improve corporate governance and re-align our business model in the electricity and natural gas markets, with the objective of maximizing the value of the Group.”
“The development of our human capital, the strengthening of required skills in both core and new activities, and the consolidation of a culture of meritocracy and high performance are the key enablers for achieving our strategic objectives. In the last few years, we have implemented extensive recruitment campaigns, resulting in a staff renewal rate of approximately 40%, with a particular focus on repatriating specialized executives from abroad.”
