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Oil Terminal posts 64 pct higher H1 net profit
Oil Terminal

Cargo handling company Oil Terminal made 7.6 million lei in net profit in the first half of this year, up 64 percent from the same period of 2019, shows data referred by the company to the Bucharest Stock Exchange on Thursday.

The turnover reached 91.6 million lei, by 12.3 percent more YoY, and 12.2 percent higher than initial estimates.

"The 12.2 percent increase in turnover compared to the amount set forth in the revenue and expenditure budget approved for H1 2020 resulted in the company making a gross profit of 8,991 thousand lei. For H2 2020 we estimate a turnover within the budgeted limits and an increase of operating expenses in correlation with the needs of the operational activity and of the planned revenues, so that the gross profit will decrease by the end of the year," say company representatives.

The total revenues of the company stood at 93.4 million lei, by 13.8 percent higher, while expenses hit 84.4 million lei, up 10.6 percent.

Oil Terminal also posted a 15.6 percent increase in EBITDA to 84.4 million lei.

The Constanta-based Oil Terminal SA holds a strategic position in the Black Sea region, as Romania's largest operator of petroleum products at sea, specialising in moving crude oil, liquid petrochemicals and other products and raw materials for import/export and transit.

The company's main shareholder is the Ministry of Economy, Energy and Business Environment, with 59.62 percent of the stake.


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