Hellenic Petroleum announces results for 2019

Hellenic Petroleum announced on Thursday its fourth-quarter, fiscal year 2019 results with EBITDA at 572 million euros and net profits for the year at 185 million euros.
“Results are satisfactory, considering increased international refining environment volatility and significant deterioration for most of 4Q19, as well as the planned 5-week turnaround at Elefsina refinery for its regular 3-year maintenance, which was safely and successfully completed in October,” the company said in a press release.
In statements on the results, Group CEO Andreas Shiamishis said, “Regarding results, the Group faced, for the first time after several years, a severe deterioration of the refining environment. In such a backdrop, we responded very successfully, improving our balance sheet and maintaining high returns for our shareholders. The issue of a 2-pct 500-million-euros Eurobond came at the lowest interest rate for the Group in more than 10 years and opened the international bond market for other Greek corporates. Furthermore, we updated our strategy, focusing on improving competitiveness, though operational excellence and new investments, as well as growth in new activities that will improve our environmental footprint by 50 pct until 2030, materializing our vision to play a key role in the energy transition in the East Mediterranean.”
Among the results released were the following:
– Production for the year totaled 14.2 million tons and sales to 15.2 million tons.
– Net production amounted to 3.2 million tons (-17 pct), sales at 3.5 mln euros (-15 pct), with FY19 at 14.2 and 15.2, respectively.
– In domestic marketing, improved performance in Retail and Aviation led 4Q19 Comparable EBITDA at 3 mln euros, with FY19 at  49 mln euros (+14%).
In addition, DEPA Group contribution to consolidated net income was 21 mln euros for FY19, and ELPEDISON EBITDA amounted to 20 mln euros in FY19, almost unchanged from 2018.
The positive results and improved outlook led to the board of directors proposing a dividend of 0.50 euro per share, the statement said.

(Source: ANA-MPA)