Βy G. Kanoupakis & C. Deligiannis
Hellenic Petroleum (Hel.Pe) group reported record-breaking fuel exports as well as continued profitability, despite a slump in international refining demand, over the first quarter of 2018, all ahead of a looming privatization of the group with the sale of a 50.1-percent bloc of shares via an international tender.
While the global refining sector eased in Q1 2018 compared to the same period in 2017, another crucial factor was the significant appreciation of the euro compared to the US dollar.
EBITDA for Hel.Pe reached 149 million euros, down from 229 million euros in Q1 2017; comparable net profits were at 62 million euros, down from 124 million euros in the same period of 2017. Overall, net profits reached 74 million euros, down from 124 million in Q1 2017 (-40 percent), with the increase in crude oil prices having a positive impact on the value of reserves, namely, 19 million euros.
Turnover reached 2.17 billion euros in the first trimester of 2018, up by 5 percent from the corresponding period of 2017. The group’s management also pointed to an increase in production and sales, at 3.9 million MT (up 2 percent), along with a record in terms of refined fuel exports, which exceeded 2.5 million MT.
Of the five investment schemes that expressed an interest in Hel.Pe’s majority stake, three are based in Europe, one in the UAE and the other in Jordan.
Vitol and Glencore are both based in Switzerland, while the Gupta Family Group Alliance is headquartered in London, but with roots in India. Another candidate is Alrai Group Holdings Ltd. of Jordan, while the last candidate is Carbon Asset Management DWC-LLC and Alshaheen Group, the first comprising a subsidiary of Alshaheen Group, based in Vienna, although the parent company is located in the UAE.
