ELPE’s EBITDA for 9-month period expected to hit 590m euros

ELPE (Hellenic Petroleum) is expected to announce an EBITDA figure of about 590 million euros for the year’s nine-month period when it reports its latest financial results, expected next Thursday.

If estimates made by ELPE officials are confirmed, the petroleum company will post record profit figures.

Market conditions for ELPE have been extremely favorable this year. The corporation has performed particularly well in the first half, despite a turnover reduction of about 770 million euros compared to the equivalent period in the previous year. ELPE’s gross profit figure quadrupled in the first half.

The turnover figure fell as a result of lower petroleum product prices but was more than offset by the plunge in crude prices, reducing ELPE’s crude order costs by nearly one billion euros in the first half.

The lower crude supply prices enjoyed by ELPE have coincided with steady market demand for the company’s products such as auto fuel, diesel, and aviation fuel, increasing the profit margin, as is the case in the sector worldwide, at present.