Ljubljana, 18 May (STA) - Energy group Petrol's sales rose by 6% to EUR 1.2bn in the first quarter of the year compared to the same period in 2017. The rise was mainly due to costlier oil. Net profit was up by 11% to EUR 17.9m, Petrol said in a press release on Friday, a day after the supervisory board got acquainted with the results.
Adjusted gross profit in the first three months of the year increased by 10% to EUR 102.2m, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) were up 15% to EUR 37.7m.
The group generated 52% of EBITDA in fuel retail, 21% in energy and environmental systems, 17% in retail, 8% in retail of liquefied natural gas and 2% in trading with other energy sources.
The group sold 729.000 tonnes of petroleum products in the first three months of the year or 4% less than in the same period last year. The drop is attributed to the lower sales of extra-light heating oil, which was compensated with the sale of other energy sources for heating.
Petrol sold 7.35 million MWh of natural gas, which is a significant rise over the same period last year due to the complete consolidation of the gas wholesaler Geoplin. It also sold 38,300 tonnes of liquefied natural gas, a 4% increase year-on-year.
The retail section generated EUR 151.9m in revenue or 12% more than in the first quarter of 2017.
At the end of March, the group had a total of 494 petrol stations, of which 317 operated in Slovenia, 105 in Croatia, 38 in Bosnia-Herzegovina, 12 in Serbia, 11 in Montenegro and just as many in Kosovo.
Petrol said in the press release published on the web site of the Ljubljana Stock Exchange that it was currently overhauling its IT system and would continue to optimise all its business processes.
Last year, Petrol generated EUR 4.5bn in sales revenue, EUR 112.2m in operating profit and EUR 81.1m in net profit.
Its goal for this year is to match sales revenue and increase net profit to EUR 86.9m.