Oil Terminal - business and profit growing

The port operator Oil Terminal (OIL) achieved, in the first quarter of the year, a net profit of 28.4 million lei, 21.6% higher than in the same period of the previous year, while the turnover net profit amounted to 112.6 million lei, up 31.5%, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The increase occurs due to the increase in the amount of products processed through the port operator in Constanţa by 11.9%, from 2.17 million tons in the first three months of last year, to almost 2.44 million tons in the first quarter of this year. The largest share is represented by the amount of crude oil handled, which was about 1.17 million tons. The amount of diesel fuel rolled out amounted to 914 million tons, up 8.8%, while the amount of chemical products was 199 million tons, 19.2% higher than in the first three months of last year. On the other hand, the quantities of gasoline and fuel oil handled by the port operator decreased during the reporting period.

Also, for this year, ANRM has increased the tariffs for handling crude oil and petroleum products through the Black Sea terminal by 19.7%, compared to last year.

In the first three months of 2024, the total expenses of the Oil Terminal amounted to almost 80 million lei, with 32.6% more than in the first quarter of last year, the highest being staff expenses, amounting to 34, 3 million lei, up 18.8%. The operating profit was 35.9 million lei, 20.7% above that of the first three months of last year, a result that was eroded by a loss from financial activities of 2.7 million lei.

At the end of last month, the company's shareholders approved the allocation of 90% of the 2023 profit as dividends, i.e. the amount of 9.6 million lei, with payments to be made starting on June 10.

The Romanian State owns, through the Ministry of Energy, 87.7% of the port operator from Constanţa, whose stock market valuation is around 360 million lei.