Motor Oil said that its pre-tax profits fell to 358 million euros in the first half of the year while Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) totaled 535 million euros.
The figures are significantly lower compared to last year (they were 872 and 932 million euros respectively), a fact which, as pointed out in the presentation of the results, is due to the extensive maintenance program of the refinery’s units that was implemented in the May-July period, but also to the decline in the prices of crude oil, which are characterized by strong volatility.
For the second half of the fiscal year 2023, the operating results (EBITDA) of Motor Oil are expected to improve considering a series of key determinants as follows:
a) an increase of the volumes of the main oil products produced and sold compared to the first half of 2023 is anticipated since no further maintenance work of the refinery units will take place for the rest of the year,
b) the refinery is expected to deliver dependable refining margins on the back of the operation of the Naphtha Treatment Complex, the production of which is geared to high value-added products (i.e. gasoline, kerosene, hydrogen) with high price differential compared to Naphtha, and
c) an increase of the contribution of the industrial sales volume is anticipated on a permanent basis following the revamping of the major topping unit of the refinery the crude distillation capacity of which has been increased to 200,000 b/d from 185,000 previously.
Likewise, for the second half of the fiscal year 2023, the operating results (EBITDA) at group level are expected to be satisfactory. Motor Oil sees higher profit in second half
