ELPE posts EBITDA figure of 758m euro for 2015

ELPE (Hellenic Petroleum) has posted an EBITDA figure (earnings before interest, taxes, depreciation, and amortization) of 758 million euros for 2015, the highest in the company’s history, and net profit of 268 million euros.

As noted by ELPE, all of the corporate group’s activities experienced improvements, with its Refining, Supply, and Trading departments at the core, more than doubling their EBITDA results, as a result of a favorable international environment for refining. The company’s refining business improved following an extended period of maintenance work conducted during the second quarter or 2015.

The company’s level of trade in Greece increased, producing heightened sales and profitability performances. ELPE also improved its level of competitiveness through a reduction of operating costs.

The corporate group’s subsidiary firms operating abroad also reported improved performances.

ELPE’s petrochemical sector achieved increased production following vertical integration investments, which, combined with improved profit margins, led to a record-high profitability figure for the company.

The value of ELPE’s oil reserves fell considerably for a second consecutive year as a result of lower crude oil prices.

Despite the particularly adverse financial and economic conditions, ELPE’s financing costs were reduced by seven percent, while the posted net financial results for 2015 reached 45 million euros following a loss of 369 million euros in 2014.

Domestic demand for fuel reached 8.6 million tons in 2015, a five percent increase compared to 2014, mainly due to a substantial 43 percent increase in demand for heating fuel, the ELPE announcement noted. Demand for auto fuel remained mostly steady. Diesel registered a slight rise of three percent to offset a reduced demand for auto fuel.