Hellenic Petroleum reports record profits in 2016

Hellenic Petroleum announced record profits, production and exports in 2016 and said that last year it managed to lower its debt and to raise its domestic market share.

Net profits totaled 329 million euros in 2016, from 45 million in the previous year and a loss of 369 million in 2014, while EBITDA amounted to 836 million euros.

Comparable results showed an EBITDA of 731 million euros in 2016 and net profits of 265 million euros, from a loss of 117 million euros in 2015 and a profit of 2.0 million in 2014.

Hellenic Petroleum’s board will seek shareholders’ approval to a plan to pay a 0.20 euros per share dividend.
Efstathios Tsotsoros, chairman of the group, commenting on the results said that 2016 was a creative year despite an uncertain geopolitical and unstable international environment and a continuing Greek crisis. “We achieved the highest performance in the group’s history, implemented the first stage of a financial restructuring plan and reduced our debt by 1.2 billion euros. We expanded our international partnerships, improved labor relations and safe operation conditions. We adopted the best governance practices and we are drafting a five-year program (2017-2021) for energy transformation and sustainable growth, a road map in the framework of a European plan for 2050”.

Grigoris Stergioulis, CEO of the group, said Hellenic Petroleum was steadily moving towards a gradual transformation into an energy group with a leading position in the wider region. “Shareholders and investors can be certain that the management and workers will take all necessary measures to continue the company’s successful course and everything shows that will achieve this,” he said.

Refinery production grew 16 pct to 14.8 million million tons, while exports totaled 8.6 million tons, or 56 pct of sales. Retail sales grew 7.8 pct to 3.538 million tons, while market share grew by 2.4 pct, despite a 0.26 pct decline in domestic consumption in 2016.