Motor Oil Hellas has posted impressive financial results for 2016, hot on the heels of record-breaking results recently provided by ELPE (Hellenic Petroleum), the country’s other refinery. Last year proved exceptional in terms of production and export activity for both corporations.
Motor Oil Hellas, which released its results yesterday, reported a record production level of 13.046 million metric tons and exports of 9.101 million metric tons, representing almost 70 percent of total production.
Likewise, ELPE, which reported its financial results for 2016 late last month, posted a record production figure – for the company – of 14.8 million metric tons. Exports at ELPE reached 8.6 million metric tons, 56 percent of the corporation’s total production, a 25 percent year-on-year increase.
These performances highlight the success of facility upgrade investments made by both refineries over the past few years.
Motor Oil Hellas has traditionally enjoyed robust export figures. ELPE has now also joined the club.
Both corporations posted significant sales increases in the domestic market. Motor Oil Hellas’s sales of 2.7 million tons in the Greek market, not far behind a figure posted by the refinery in 2011, certainly stand as the corporation’s strongest sales result of the past five years.
ELPE also posted a higher volume-based sales figure, despite a drop in overall fuel sales, according to energy ministry data. The retail arms of both refineries are capturing greater domestic fuel market shares.
In 2016, Motor Oil Hellas mainly purchased crude from Iraq and Saudi Arabia and, to a lesser degree, Libya. The refinery restricted its orders from Russia.
As for ELPE, the refinery, in recent years, has increased its crude orders from Iran (16%), Kazakhstan (25%), as well as the Black Sea and Egypt (10%). Orders remained steady from Saudi Arabia (5%), while lower crude supply purchases were made from Russia (17%) and Iraq (24%). ELPE has signed direct crude supply agreements with five major state-run oil companies in Russia, Iran, Iraq, Saudi Arabia and Egypt.
Motor Oil Hellas yesterday announced dividends of 0.90 cents per share, representing a 6 percent dividend yield based on yesterday’s bourse value of the company share.