Rompetrol Rafinare, member of KMG International, registered a consolidated net profit amounting to 20.8 million USD in the first 9 months of 2016, up by 41% compared to the same period of 2015. The consolidated operating result (EBITDA) registered, as well, an increase, by 33% in the first 9 months of 2016 compared to the same period in 2015, to over 121 million USD.
The consolidated financial statements of Rompetrol Rafinare includes the results of Rompetrol Rafinare SA and that of its subsidiaries Rompetrol Quality Control S.R.L., Rom Oil S.A., Rompetrol Downstream S.R.L., Rompetrol Logistics S.R.L. Rompetrol Gas S.R.L. and Rompetrol Petrochemicals SRL.
„The company’s positive results have been supported by the production processes optimisation programs, the increase of the share of white products (gasoline, diesel, kerosene) in total finished products, as well as by reducing the operating costs, process which started in 2014 and continued successfully in 2015 and 2016, among the most important being the reduction in the steam and power consumption”, said Yedil Utekov, general manager Rompetrol Rafinare.
Since 2007, KMG International and its sole shareholder, the national oil and gas company in Kazakhstan, KazMunayGas, have made over 1.4 billion USD worth investments in order to increase the processing capacity of the Petromidia refinery, its flexibility, as well as in modernizing the industrial facilities.
The evolution of the financial indicators was as well positively influenced by the refining margins, which have improved in 2016, and in the first 9 months of the year the gross margin was 10% higher than in the same period of last year.
Given a production for Petromidia refinery of over 3.8 million tons of raw material in the first nine months of 2016, the sales of the refining division marked a 4% increase on the internal market, while the export sales have decreased due to lower market demand.
In the first 9 months of 2016, through its refining and petrochemical divisions, the company exported a total quantity of products of over 1.7 million tones, mainly to partners in the Black Sea region. Rompetrol Rafinare is the largest oil products exporter in Romania and the second exporter at the national level.