Romania's Oil Terminal Boosts Net Profit by 83% y/y in Q1
05.16.2022 By Ricardo Perez - NEWS

May 16, 2022 [SeeNews] – Romanian petroleum logistics company Oil Terminal said on Thursday its net profit surged by an annual 82.6% y/y in the first quarter of 2022, reaching 11.52 million lei ($2.4 million/ 2.32 million euro).

 

First-quarter turnover increased by 16% on the year to 60.66 million lei, the company said in an unaudited financial statement filed with the Bucharest Stock Exchange, BVB.

Oil Terminal’s expenses saw a 17.8% year-on-year increase to 48.25 million lei in the first three months of 2022. Its EBITDA also saw a 69% increase year-on-year, to 18.14 million lei.

The company handled a total of 2.08 million tonnes of crude oil, gasoline, gas oil, fuel oil, as well as miscellaneous chemical products over the first three months of 2022, marking a 25.3% year-on-year increase.

The company’s total assets increased 0.8% on the year, to a total of 598.8 million lei.

Based in the Black Sea port city of Constanta, Oil Terminal specialises in logistics pertaining to a variety of petroleum products and chemicals. The company has a total storage capacity of approximately 1.4 million cubic metres.

Oil Terminal’s majority stakeholder is the Romanian energy ministry, with a stake of 59.6%; other major stakeholders include Dumitrescu Sebastian Valentin, with a 16.7% stake.

Oil Terminal’s shares traded up 1% at 0.1515 lei as of 14:55 CET on Thursday on the BVB.

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