Motor Oil announced 806 million euro net profit in 2023, down from 968 million in 2022.
Turnover stood at 13.3 billion euros compared to 16.6 billion euros in 2022 (-20%) and operating EBITDA at 1.38 billion euros against 1.69 billion euros.
Investments increased to 318 million euros from 258 million euros and are forecast to increase further to 340 million euros in 2024.
The company’s Board of Directors will propose to the general meeting of shareholders the distribution of a dividend of 1.8 euros per share, which is the highest since the listing of the company on the stock exchange.
The consolidated EBITDA amounted to 1,383.2 million euros in 2023 compared to 1,692.9 million euros in 2022 with the contribution of the subsidiary Groups CORAL & AVIN amounting to 96.4 million euros (125.3 million euros in 2022), the subsidiary MOTOR OIL RENEWABLE ENERGY to 126.4 million euros (83.8 million euros in 2022), NRG to 44 million euros (52.4 million euros in 2022) and LPC to 15.8 million euros (20.3 million euros in 2022).
Consolidated earnings before taxes (EBT) totaled 1,038.5 million in 2023 compared to 1,557.5 million in 2022.
Consolidated earnings after Taxes (EAT) reached 806.7 million euros in 2023 compared to 967.2 million euros in the previous year.
Investment Expense
The total investment expenditure of the company amounted to 207.7 million euros, one of the highest in the history of the company. Approximately 92 million euros is related to the maintenance of almost all units of the Refinery, the upgrading and conversion (revamping) works in the basic crude processing unit to increase the production capacity of the Refinery to 200,000 barrels per day from 185,000 barrels previously.
An amount of 42.4 million euros was allocated to the construction of the new propylene production unit with a total budget of 125 million euros. In addition, an amount of 24.6 million euros was channeled to the construction of a new high efficiency power and heat cogeneration unit, with a capacity of 57 MW and a total budget of 60 million euros.
The total investment expenditure of the company for the year 2024 is expected to reach 210 million euros, with the largest part of it concerning: the construction of the new propylene production unit, the construction of the new high-efficiency power and heat cogeneration unit, the expansion projects of port facilities of the Refinery and, a series of smaller scale projects (miscellaneous) to ensure a high degree of functionality and flexibility in the production of the Refinery.
