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April 12, 2021

Rompetrol Rafinare reports around 18 million dollars in H1 net consolidated profit

Rompetrol Rafinare oil refining company, a member of KMG International reported around 18 million dollars in net consolidated profit in the first half-year as compared to the negative net results reported in the same period a year ago at minus 46.9 million dollars, the company announced on Thursday.

Rompetrol Rafinare posted net profit of 18.4 million dollars in the second quarter, as against 20 million dollars losses in last Q2.

At present, its refinery Petromidia processes some 15,000 tonnes of raw material on average a day, up by more than 7 percent from the 2014 average of 13,800 tonnes a day.

The H1 gross consolidated turnover of Rompetrol Rafinare fell to around 2 billion dollars, marking a 29 percent drop on last Jan.-June against the backdrop of the lower international quotations for oil products from 800-900 dollars per metric tonne down to 400-500 dollars/tonne, although quantitative sales grew significantly.

Rompetrol Rafinare shipments were up 12 percent as compared to H1 of 2014, going higher than 763 million dollars by this mid-year, amid the increased production at its two refineries – Petromidia and Vega – and the rise in the petro-chemistry division.

The oil company paid over 678 million dollars to the state budget in the first half-year.

Petromidia accounts for 43 percent of Romania’s refining capacity and the investments made by KMG International and KazMunayGas for the refinery total more than 1.3 billion dollars.

The refining activities earned the company 44.4 million dollars in net profit in H1, as compared to the negative results of minus 51.2 million dollars in the same period last year.

The raw material quantity processed by Petromidia refinery by this mid-year was by 11 percent higher than in the first six months of 2014, hitting 2.6 million tonnes, which makes it the largest quantity processed during a half-year since the refinery became operational in 1979. The crude processed at Vega refinery amounted to 156,752 tonnes, up by 18.6 percent on the last H1.

Rompetrol Rafinare sold 821,000 tonnes of products to the domestic market in H1 (7pct increase) and it sold 1.1 million tonnes on the main external markets where KMG International subsidiaries are located as well as in the Black Sea countries (11 pct rise on the last H1).

The raw material processed by the petro-chemistry division of Rompetrol Rafinare was by 8.2 percent higher in the six months of 2015 (91,600 tonnes).

As regards the distribution, the gross turnover stood at 1.11 billion dollars, down by 26 percent from last Jan.-June.

Retail sold fuel totalled 289,000 tonnes and wholesale sales amounted to 468,000 tonnes, up by 1 percent and 2 percent respectively from the last H1. Sales of LPG kept flat from the first half of last year at 138,000 tonnes.

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