Hellenic Petroleum says five-month results significantly up

Hellenic Petroleum on Friday announced a significant improvement in its five-month results this year, compared with 2016 -a record year for the company.

Efstathios Tsotsoros, chairman of the Group, addressing a general shareholders’ meeting, said comparable EBITDA totaled 386 million euros in the five-month period, up 40.3 pct, net profits soared 126 pct to 156 million, production grew 10 pct and sales volumes grew 14 pct to 4.0 million metric tons. Exports rose 13 pct and domestic market share surpassed 32 pct.

Tsotsoros welcomed the appointment of Andreas Siamisis as new deputy CEO and said his responsibilities will be Finances, Strategic Planning, Supplies and IT. Tsotsoros presented the basic axis of a five-year development program (2017-2021) envisaging high profitability, reducing borrowing by 1.0 billion euros and of financial costs by 50 pct and a gradual increase in dividend payment.

Grigoris Stergioulis, CEO, said Hellenic Petroleum was on track to hit a new production record in 2017.
The Group is reviewing all its equity participations and said that a sale of DESFA was legally binding because of the participation of Hellenic Petroleum in DEPA. Hellenic Petroleum did not exclude changing its name to Hellenic Energy in a few years from now. Commenting on supplies, Hellenic Petroleum officials said diversification of supplies meant that even if one basic supplier halted its deliveries for geopolitical reasons, the company will not face any problems. Hellenic Petroleum achieved an improvement in operating results by 172 million euros in 2016, allowing the company to absorb a decline in refinery margins. Hellenic Petroleum was examining a return to capital markets, depending on conditions prevailing in markets.