Greece, ELPE said that its sales in H1 2022 rose by 71 % compared to the same period in 2021

, SEE Energy News

Greek oil refiner Hellenic Petroleum (ELPE) said that its sales in the first half of 2022 rose by 71 % compared to the same period in 2021, reaching 6.8 billion euros, mostly due to rising energy prices.

The company’s operating profit (EBITDA) amounted 535 million euros in the second quarter and 633 million euros in the first half of the year, while its net profit amounted to 526 and 872 million euros, respectively.

The company attributed the improved results to better refinery margins, better export and foreign subsidiary profitability and the increase in tourism arrivals, which boosted its sales to airlines and shipping companies. Exports and airline and shipping fuel account for 71 % of all sales.

CEO Andreas Shiamishis said that the company expects over 250 million euros from the sale of 35 % stake in a natural gas infrastructure company DEPA Infrastructure that will allow ELPE to invest in new energy sources and boost the dividend.