Revoil announced a large increase in pre-tax profits by 240% for the first quarter of 2022, while EBITDA also showed a significant improvement, recording an increase of 86% during this period.
In particular, as the company notes in a relevant announcement, in the first quarter of 2022, the domestic oil market moved higher than the corresponding quarter of 2021 in which a lockdown was imposed while the heavy winter this year helped increase sales of heating oil.
For REVOIL Company, the first quarter was characterized by a significant increase in its individual sizes with pre-tax profits closing at 2.8 million euros compared to 0.82 million in 2021, recording a large increase of 240%.
This increase is due to the significant increase in fuel volumes sold, the improvement of gross profit due to the commercial agreements reached by the Company with its suppliers, the reduction of financial costs due to repayment of loans and the benefit of valuing inventories at higher prices.
The results before taxes, financial, investment results and depreciation (EBITDA) amounted to € 4.17 million in the first quarter of 2022 compared to € 2.24 million in the corresponding quarter of 2021, recording a large increase of 86%.
Sales closed at 232.13 million with an increase of 57.9% and gross profit at 8.15 million higher by 39.32%.
The total sold quantities of the Company’s fuels amounted to 206.41 million liters, compared to 181.4 million liters in 2021, showing an increase of approximately 13.8%.
More specifically, gasoline closed higher by 21.4%, diesel 10.6%, heating oil 12.9%, shipping oil 8.8%, fuel oil sales by 23.1% while sales were also increased asphalt.
The very good start of the year seems to continue due to the encouraging messages of the market regarding the course of tourism during the summer months. On the other hand, the consistently high fuel sales prices, inflationary pressures and the wave of accuracy, create concerns mainly for the period of the last four months of the year.
REVOIL continues its profitable course by focusing on expanding and strengthening its service station network, promoting the enriched fuel range Revolution, the new Consumer Reward Card – Winclub -, the Revoil Fuel Card for commercial vehicles, while continuing to implement the its investment program in the field of Renewable Energy Sources, with its participation in projects of photovoltaic and wind farms, the announcement concludes.
Source: Capital
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