OMV Petrom’s profit fell by 56% in the first half of the year

0

OMV Petrom’s net profit in the first half of the year was of 867 million lei, down 56% compared to the same period last year, mainly reflecting the unfavorable developments in the CCA operating result (current cost of acquisition) excluding special items, according to a report by the OMV Petrom group, according to Hotnews.ro.

The CCA operating result excluding special items was of RON 1.25 billion, 44% lower, mainly due to lower market prices of goods.

The negative evolution in the Upstream segment, due to lower crude oil and gas prices, was partially offset by the higher positive contribution of the Downstream segment, mainly as a result of higher gas sales, forward electricity contracts, better margins for refining facilities as well as the positive impact of hedging instruments on the risks to margins for medium distillates.

The value of consolidated sales, of 10,069 million lei in the first half of the year, decreased by 11% compared to the same period in 2019, due to the negative evolution of market prices of goods and lower volumes of sales of petroleum products, partially offset by higher volumes natural gas sales.

The value of the investments was of 1.57 billion lei.

Dividends paid for the financial year 2019 amounted to 1.7 billion lei, higher by 15%, and the contribution to the state budget of Romania in January-June 2020 was of 4.82 billion lei, including dividends in value of 362 million lei paid to MEEMA.

Share.

Leave A Reply