Hellenic Petroleum: Νet profits up 110 pct in the first nine months of 2016

Hellenic Petroleum Group on Thursday reported record production and exports and an 110 pct jump in net profits in the first nine months of 2016. The group’s refineries recorded a 19 pct increase in production to 3.9 million tons, the highest ever recorded, taking full advantage of capacity utilisation.

Petrochemicals recorded another quarter of higher sales despite lower international margins, while the group raised its market share in sales and volume.

Demand in the domestic fuel market grew 8.0 pct in the third quarter of 2016 to 1.6 million tons, while in the January-September period demand was stable at 5.0 million tons. Exports jumped 45 pct to 2.459 thousand metric tons, a new historic high. Net profits totaled 80 million euros in the third quarter, up 110 pct from the same period in 2015, while nine-month net profits totaled 184 million euros, up 76 pct from 2015 and a new record high.
Hellenic Petroleum noted a successful sale of a five year bond issue worth 375 million euros, which was heavily oversubscribed, which led to an increase in the value of the bond and a reduction to its coupon compared with initial announcements.

The Group said that the bond will help reduce annual financial costs in 2017 by more than 15 million euros, as the coupon fell from 8.0 pct to 4.875 pct.