Helleniq Energy: 179 mln euro net profit in Q1-Boost from exports, petrochemicals and RES

The positive “momentum” recorded in the first quarter of 2024 will continue in the rest of the year, Helleniq Energy’s CEO, Andreas Shiamishis, said during the presentation of the financial results for the first quarter of 2024 in a teleconference with analysts.

More specifically, the group’s management highlighted the special importance of exports in the group’s turnover, while placing emphasis on the development of RES and expressing the intention to strengthen activities in international markets.

Regarding the RES sector, the management’s immediate goal is to expand the green portfolio from 381 MW at the end of the first quarter to around 600 MW by the end of the year.

Production and exports were at the highest levels of the last years, while the group’s basic financial figures also had a positive sign during the same period.

Comparable EBITDA amounted to 338 million euros and published net profits to 179 million euros, up compared to the first quarter of 2023.

The results were mainly influenced by the positive international refining environment, the efficient operation of the refineries, with increased unit availability. In addition, exports fluctuated at particularly high levels, recording the highest level of the last 3 years.

Product output rose 5% to 3.8 million tons in the first quarter of the year, marking the best performance since 2020. This development led to sales growth across all markets, which stood at 4 million tons (+8%), with exports accounting for 62% of total volumes.

RES

In the field of Renewable Energy Sources, HELLENiQ RENEWABLES continues to expand its portfolio, increasing the total installed capacity to 381 MW at the end of the first quarter of 2024.

An additional 0.7 GW of projects are under construction or in advanced development. It is noted that the total portfolio of projects under development amounts to 4.3 GW.

The aim is to operate RES projects with a capacity of at least 1 GW by 2025 and more than 2 GW by 2030. We should add that the volume of investments in RES projects and unit upgrades amounted to 93 million euros.

In the area of Exploration and Production of Hydrocarbons, the processing of the data from the three-dimensional (3D) geophysical recordings in 3 marine areas (“Ionian”, “Block 2”, “Block 10”), as well as from the two-dimensional (2D) recordings was completed.

In the “Southwest Crete” marine area, 3D geophysical recordings were also completed and the processing and interpretation of the data will follow.