Romanian energy group OMV Petrom (BVB: SNP) reported a profit before tax for Q3/22 of RON 5,302 mln (over EUR 1 bln), "significantly above" (nearly seven times higher) than reported in the same period of 2021 (RON 827 mln). Income tax amounted to RON 793 mln, while the effective tax rate was 15% in Q3/22 (Q3/21: 16%).

Net income attributable to stockholders of the parent was consequently RON 4,510 mln (EUR 900 mln), up from RON 696 mln in the same period last year.

For the whole period January-September, the net profit was twice as high: RON 9.2 bln (EUR 1.8 bln).

OMV Petrom's market capitalisation is RON 25.6 bln (just over EUR 5 bln), not even three times its net profit in the first three quarters of the year. The company's consolidated sales revenues increased by 170% y/y to RON 18,667 mln (EUR 3.7 bln).

The company accused costly windfall taxes and the negative effects of the voluntary fuel price cut (half of the RON 0.5 per litre agreed with the Government).

The introduction of the "solidarity tax" [the windfall profit tax] as of September 1 had, in a single month, a negative impact on OMV Petrom's results of EUR 120 mln in the refining and marketing segment and EUR 110 mln in the exploration and production segment, announced Alfred Stern, the head of the company's main shareholder, the Austrian group OMV.

At the same time, OMV Petrom's voluntary compliance with the reduction in fuel prices, extended until the end of the year, negatively affected the results of the Romanian company, according to CEO Christina Verchere, by EUR 50 mln (4.5% of its net profit) in the third quarter.

iulian@romania-insider.com

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