Rompetrol Rafinare, a member company of the KMG International Group, recorded a net profit in the amount of 90.3 million dollars in 2022, compared to a loss of 186.8 million dollars in the previous year.
The company’s consolidated results improved as a result of higher European refining margins compared to 2021, also boosted by an increased production level. Its earnings before interest, taxes, depreciation and amortization (EBITDA) more than quadrupled to 464.5 million dollars in 2022, compared to 106.8 million dollars in the previous year.
Total revenues increased by 42 % year-on-year in 2022, amounting to 6.572 billion dollars, compared to 4.619 billion dollars in 2021.
Rompetrol’s refining segment accounted for most of the consolidated net result in 2022, with a net profit of 155.2 million dollars, while its distribution segment contributed with 32.4 million dollars. On the other hand, the petrochemical segment recorded a net loss of 85.4 million dollars.
In 2022, Rompetrol’s Petromidia Navodari refinery processed approximately 5.26 million tons of raw materials, an increase of 15 % year-on-year compared to 4.59 million tons processed in 2021. It achieved a production level of 1.42 million tons of petrol and 2.67 million tons of diesel and special aviation fuel. More than 63 % of the fuel production was directed to the domestic market.
Rompetrol’s other refinery Vega, which produces bitumen and hexane, processed 373 kilotons of raw materials in 2022, up from 321 kilotons in the previous year.
The company is also a major contributor to Romania’s state budget, paying over 425 million dollars in the fourth quarter alone, respectively 1.56 billion dollars throughout the previous year. This amount includes all taxes owed and paid by Rompetrol Rafinare to the Romanian state, such as excise duties, VAT, salary contributions and other taxes.
Regarding the windfall tax, the company estimates a contribution of 124.6 million dollars, reflected it in the unaudited preliminary financial statements for the year 2022.
