Rompetrol Rafinare, part of the KMG International Group, posted a consolidated net loss of $37.3 million in the first quarter of 2025, up from a $23.8 million loss during the same period in 2024. The worsening financial results were primarily driven by volatility in international crude oil and bio-component prices, combined with seasonal declines in demand. Reduced population mobility and weaker activity in industrial, agricultural, and infrastructure sectors further impacted performance.
Despite the net loss, the company’s total consolidated revenues grew 21% year-on-year, reaching $1.323 billion for January–March 2025. However, EBITDA fell by 31% annually to $22.8 million, with the EBITDA margin decreasing from 4% in Q1 2024 to 2.3% this year.
Operational throughput increased substantially, with the Petromidia refinery processing 1.34 million tons of raw materials—a 42% rise over last year—and the Vega refinery handling approximately 75 kilotons, up 23%.
By business segment, the refining division saw a sharp increase in losses, with a deficit of $34.5 million compared to $4.8 million the previous year. The petrochemicals segment improved, narrowing its net loss to $9.2 million from $19.6 million. The marketing division remained profitable, recording $4.4 million in earnings, although this was a 9% decrease from Q1 2024.
