Greek oil refiner Motor Oil reported significant profit growth in the first half of 2024. The group’s consolidated EBITDA rose by 19.35% to €638.7 million, while net profit jumped by 31.4% to €362 million. Revenues also increased by 5.23%, reaching €6.2 billion.
The growth was primarily driven by a 3.78% increase in sales volume and a 3.9% average rise in petroleum product prices. Sales volume was particularly affected by maintenance activities across nearly all refinery units from May to July 2023. International sales accounted for 82.4% of total volume, up from 80.27% in the first half of 2023.
Motor Oil’s management expects continued EBITDA growth in the second half of the year, supported by the high utilization rate of its refinery, which has expanded its processing capacity to 200,000 barrels per day from the previous 185,000. The company’s investments reached €254 million, up from €167 million in the same period last year, as part of its €4 billion investment plan scheduled for completion by 2030.
