Conpet recorded in the first nine month of 2015 a net profit of 52.010 million lei, up by 8.5pct year-on-year, according to financial information sent on Thursday to the Bucharest Stock Exchange (BVB).
The company’s turnover increased by 1.3pct to 285.663 million lei, while revenues totalled 312.998 million lei between January – September, up by 1.1pct year-on-year.
According to the financial report, Conpet’s operating expenses decreased by 0.3pct, to 250.476 million lei, and EBIDTA went up by 9.3pct to 94.275 million lei.
Moreover, financial income recorded an increase over the level budgeted (399.3 million lei), down by 38.6pct year-on-year, due to the decreased interest rate for bank deposits.
Compared to budgetary provisions, the company recorded an increase of 31.4pct in gross profit due to a 32.9pct increase in operating profit.
The main activity of Conpet, a company under the authority of the Department of Energy, is to transport crude oil, gasoline, ethane and condensate by pipelines and tank cars in order to supply refineries in Romania and the Balkans with crude oil and byproducts from domestic production as well as from imports.
The company operates a network of pipelines totalling 3,800 km, crossing 24 Romanian counties. Transport operations are coordinated by the Central Dispatching Centre at the company’s Ploiesti headquarters as well as by local and regional dispatching centres.
In November last year Fondul Proprietatea (FP) announced the sale on the Bucharest Stock Exchange, via private placement, of 23.6pct of shares of oil transport company Conpet Ploiesti, the total value of the transaction exceeding 99.79 million lei. Following the transaction, the Fund still owns 524,366 Conpet shares, with a decreased equity stake of 6.1pct, from 28.7pct previously.
The core activity of CONPET S.A. is the transport of crude oil, rich gas, ethane and condensate through pipelines and by railway tanks, in view of supplying the refineries from Romania and the Balkan area with domestic, imported crude oil and derivatives thereof.
The pipeline system administered by CONPET comprises pumping stations, loading – unloading ramps, railway tanks and tank farms. For the operation and maintenance of the National Pipeline Transport System, the company holds a maintenance plant and equipment fleet.The transport network is divided into four major sub-systems: the sub-system for Domestic Crude Oil Transport, 1540 km. in length; the sub-system for Imported Crude Oil Transport, 1350 km. in length; the sub-system for Rich Gas and Ethane Transport, 920 km. in length; The sub-system for the Transport in Railway Tanks.