Hellenic Petroleum (ELPE) posted improved third-quarter results, year-on-year, for all the company’s activities, while its earnings before interest, tax, depreciation and amortization (EBITDA) reached 146 million euros. ELPE announced it will offer a dividend of approximately 0.21 cents (euro) per share.
ELPE attributed its favorable third-quarter results to improved international refinery conditions, increased production and export activity at its Elefsina refinery, cost control, as well as the overall improvement of trading activity generated by tourism, aviation, and petrochemicals.
The EBITDA figure of 146 million euros for the third quarter increased by 97 percent compared to the equivalent period last year, reflecting the improved conditions for Europe’s refinery sector in the third quarter.
Production and export activity reached 1.6 tons, representing 46 percent of total sales. The Elefsina refinery’s utilization index exceeded 100 percent of design capacity in the third quarter following upgrade work conducted last March and April. Projects carried out to improve ELPE’s level of competitiveness had a positive impact in the third quarter, the benefits gained valued at 24 million euros. Lower costs, reduced by 12 percent in the third quarter of 2014 compared to the equivalent period last year, played a considerable role in the company’s improved performance.
In recent years, ELPE has developed significant projects to improve its competitiveness and profitability by reducing operational costs in all domains.
“The group posted satisfactory operational third-quarter results, highlighting its profitability potential following an extensive investment program for development and restructuring in recent years,” noted ELPE CEO Ioannis Kostopoulos. “The significant reduction in international crude prices, which negatively impacted our published results, demonstrated that volatility and uncertainty in the global oil industry remain.”
The ELPE head also noted that the company “remains committed to maintaining its export-orientation and continual operational improvement for all activities, while we are adjusting our strategy taking into account the risks and opportunities created by major changes in the business environment.”