Hellenic Petroleum announces record profits, sales for 2017

Hellenic Petroleum announced record highs in production growth, profitability and sales for 2017 with the publication of its financial results on Thursday, registering an adjusted net income rise of 40 pct to 372 million euros and reported net income up 17 pct to 384 million euros.

In a statement outlining the results, ELPE said that contributing factors included an 18 pct reduction of the group’s financing costs and DESFA’s performance.

The company also said that at the end of 2017 it completed the acquisition of 37 pct of ELPET Balkaniki and 12 EKO Bulgaria stations. The former owns an 80 pct stake in the Vardax pipeline (between Thessaloniki and Skopje), and of 81.5 pct of the OKTA refinery in Skopje.