Domestic oil products commerce sector returned to profitability in 2015

The domestic oil products commerce sector returned to profitability in 2015, after five years of accumulated losses of 224 million euros and the collapse of one of the most historic enterprises in the sector (Mamidoil Jetoil).

According to provisional data of an ongoing survey by Hellas List, a total of 18 oil products commerce companies reversed their accumulated losses of 6.6 million euros to profits totaling 23.7 million euros. The survey is not complete since companies have not concluded the release of their financial results.

Hellas List said that total turnover of the 18 enterprises in the survey fell 8.76 pct to 8.7 billion euros, gross earnings grew 18.54 pct from 433.7 million euros in 2014 to 514.1 million in 2015, while total equity capital grew 22.71 pct to 636.2 million.

Liabilities remained almost unchanged at 1.4 billion euros.

This performance, combined with the conclusions of a recent survey by IOBE, confirmed the leading role played by the oil products commerce sector in the Greek economy. The survey showed that the sector offers 1.8 billion euros of added value and 42,400 job positions, directly and indirectly, to the economy, while budget revenues from indirect taxes on oil products was 5.6 billion euros in 2015 (11.8 pct of total revenues).

The report said that tax burden on the sector is high and was expected to rise further in January 2017 with the introduction of higher taxes on petrol and diesel oil.