Revenue up but profit down for Oil Terminal in first three quarters

The port operator Oil Terminal (OIL) obtained, in the first nine months of the year, operating revenues of 260.5 million lei, 21% higher than those in the January-September 2022 period, while the net profit amounted to 23.7 million lei, down 17%, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

Revenues from the provision of services amounted to 256.1 million lei, 20% more than in the first three quarters of last year, about 145 million lei coming from the management (reception, storage, conditioning, dispatch, etc.) of diesel fuel, 54 million from crude oil management and 23 million lei from fuel oil. The increase in revenues from services has appeared against the backdrop of the crisis created by the conflict in the Black Sea - Ukraine area and deliveries to the Republic of Moldova, according to the company's report.

On the other hand, personnel expenses increased by 24%, to 100.8 million lei, those with utilities increased by 67%, up to 11.3 million lei, while other operating expenses raised to 79.3 million lei, up 34% compared to the first nine months of last year.

In this context, for the first three quarters, Oil Terminal reported an operating result of 34.3 million lei, 3% above that of the same period of 2022, while from the financial activity the company recorded a negative result, of 7.3 million lei, the interest paid amounting to 7.4 million lei.

The Romanian State, through the Ministry of Energy, owns 87% of the Black Sea port operator.