ELINOIL announced an increase in turnover and EBITDA and a more than doubling of net profitability for 2021.
According to the company in a relevant announcement, 2021 was a pivotal year for the Greek economy. The market has been widely affected by the COVID-19 pandemic and measures to prevent its spread, as well as by inflationary pressures, which, among other things, are due to rising raw material prices and energy costs.
In this context and in accordance with the International Financial Reporting Standards, the company ELINOIL Hellenic Petroleum Company SA. announces the financial results for the year 2021, which are as follows:
THE consolidated turnover of the Group for the year 2021 amounted to € 1,512.31 million compared to € 1,459.67 million in 2020, recording an increase of 3.61%. For the same time period, the Gross Profit of the Group amounted to € 43.74 million compared to € 51.05 million in 2020 and Earnings before taxes, financial results and depreciation (EBITDA) amounted to € 15.7 million compared to € 13.9 last year, showing an increase of 13%. Respectively, the consolidated pre-tax profits of the Group (EBT) amounted to € 5.1 million compared to € 2.4 million in 2020, while the Consolidated results after taxes and minority interests (EATAM) amounted to profits of € 3.9 million compared to € 1.6 million in 2020.
Regarding Parent Company ELINOIL SA, in 2021, profit before taxes, financial results and depreciation (EBITDA) amounted to € 14.8 million against € 11.8 million, profit before taxes at € 6.05 million against € 2 million in 2020 and profits after taxes and minority interests (EATAM) at € 4.68 million versus € 1.31 million. year in the electricity market, with the huge increase in prices that resulted in significant losses of € 2.3 million.
At Group level, in 2021 most subsidiaries showed a positive course. The Elin Technique MON. SA, after a number of years, recorded a negative sign in its size, which is due to the execution and completion of construction projects with fixed contracts, in a year where the prices of materials were increasing, combined with the increase of operating costs. company for the completion of projects with absolute safety, in the context of preventing the spread of the pandemic. Elin Nautical SA continued to be profitable, thanks to the perfect organization and the exploitation of the beneficial collaborations in the field of charters, while elin Stations SA. reduce losses. ELINOIL affiliate Elin Verd SA had an excellent period and contributed positively to the Group’s results.
The financial results of 2021 reflect, among other things, the increase in sales in tourist areas and marinas, which is due to the good course of tourism in the second half, the continuous increase in sales of diversified products due to new CRYSTAL NEXT products , the significant growth of the activity of the International Trade, as well as the positive course of the activity of Solid Fuels.
For 2022, ELINOIL focuses on the main market in which it has a presence, with parallel growth of sales related to tourism and industry, but also strengthening of its international activity. The expected increase in travel, combined with its strong presence abroad, is estimated to boost its profitability.
In terms of its energy transformation, ELINOIL is gradually strengthening its presence in the markets of electricity and gas, both by developing a large number of charging points in the network of its service stations, through its cooperation with PPC, and with creation of CNG-LNG stations on the national transport network. Of particular importance is the memorandum of cooperation of the company with DESFA, with the ultimate goal of expanding the business of ELINOIL in the production and distribution of “green” hydrogen for road transport and industrial consumption, through gas stations or pipelines. Recognizing the modern energy needs, the company studies the gradual evolution of a part of the network of gas stations, in power stations, as well as the development of small photovoltaic parks for self-production or self-consumption of the produced energy.
Following the announcement of the annual financial results, the CEO of ELINOIL SA, Mr. Giannis Aligizakis, pointed out: “ELINOIL has remained on a growth trajectory, responding to the challenges of the pandemic, the energy crisis, The restrained investment policy and the rational credit policy that we implemented in 2021, proved to be the catalysts for the reduction of operating expenses and the maintenance of our remaining figures at positive levels. “Our strategy and flexibility in our decisions, we monitor all the challenges that affect the macroeconomic environment and fuel demand, with an emphasis on the emerging energy environment.”
Source: Capital
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