OMV Petrom, the biggest oil group in Romania, recorded a net profit of RON 434 million (EUR 93 million) in the second quarter (Q2) of this year, down by 27% compared to the same period of 2017.  The half year net profit amounted to RON 1.29 billion (EUR 277 million), up 6% year-on-year.

“In the first six months of 2018, the positive impact of improved commodity prices was partly offset by the effects of the planned refinery turnaround, which was delivered on time and on budget,” the company said in a report to investors.

The group’s consolidated turnover reached RON 4.98 billion (EUR 1.07 billion) in the second quarter, up 8% compared to the same period of 2017. This increased the first half sales by 6%, to RON 9.85 billion (EUR 2.12 billion).

The group’s total hydrocarbon production went down by 5% in the first half, to 29.18 million barrels of oil equivalent (boe), but sold its oil at an average price that was 41% higher than in the first half of 2017. Its total sales of refined products went down by 6%, to 2.25 million tons, but retail sales volumes increased by 1%, to 1.27 million tons. Gas sales volumes to third parties also sent down by 14% in the first half but the electricity sales increased by 44%, at lower prices however.

The group more than doubled its investments in the first half, to RON 2,1 billion (EUR 451 million), which also included the Petrobrazi refinery turnaround program.

The group reduced its number of employees by 6% compared to end-June 2017, to 13,400 at the end of June 2018.

OMV Petrom is controlled by Austrian group OMV, which holds 51% of the company’s shares. The Romanian state holds a 20% stake and Fondul Proprietatea also owns a significant minority stake. The group’s shares are trading on the Bucharest Stock Exchange, where they recorded a 12% increase this year. The SNP shares went down by 1.5%, however, on Thursday, after the company released its financial results for the second quarter.

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editor@romania-insider.com