Fuel, lubricants trader Revoil limits losses in 2014

Greek fuel and lubricants trading company Revoil has reported considerable operating profit and EBITDA increases for 2014, reflecting its ongoing recovery in fuel sales, including in the shipping sector.

The company posted an operating profit of 7.76 million euros in 2014 from 6.14 million euros in 2013, a 26.4 percent year-on-year increase.

The group limited losses incurred after tax and minority interests to 2.75 million euros in 2014 from 3.97 million euros in 2013.

The group’s total turnover slipped to 733.9 million euros in 2014 from 782.1 million euros in 2013 as a result of the fall in crude oil prices, internationally. The group’s sales, in terms of volume, increased slightly, to 678.4 million liters in 2014 from 672.7 million liters a year earlier, a marginal rise of 0.85 percent.

More specifically, diesel fuel sales increased by 4.1 percent, heating fuel sales increased by 16.2 percent, spurred by a tax reduction, while petrol sales followed the market’s wider trend, falling by roughly 7 percent.

Of the group’s total turnover figure, sales of 7.59 million euros were generated in shipping sector activity, through the group’s entirely owned subsidiary firm Ariston.

Gross profit for the group amounted to 22.76 million euros in 2014 from 21.72 million euros a year earlier.

The group, in a statement, noted that, after a series of difficult years, 2014 was the first year during which sector petroleum product sales stabilized, primarily as a result of increased sales, in volume terms, of diesel and heating fuel, which offset a drop in petrol sales. The signs of an overall improvement indicate that the effort being made is leading to a recovery in the sector, the group stated.

As for Revoil, the group’s signs of gradual recovery, which emerged early in 2014 through firmer operating profit figures and net loss restriction, were sustained throughout the year, it noted. The improvement reflected an effort being made by the group to boost revenues through an increase in fuel sales, carefully executed retail expansion, and more efficient operating cost management, without forsaking the quality of products and services offered, the company noted.