Slovenia, Petrol is planning to carry out a share split

, SEE Energy News

Slovenian energy group Petrol announced that it is planning to carry out a share split, increasing the number of its shares to 41,726,020 from 2,086,301 on 1 November.

The statement from the company said that its share capital of 52.2 million euros will remain unchanged and the share price will be automatically adjusted to the 1:20 share split ratio. The share split was approved by the general shareholders meeting of Petrol in March.

Petrol recorded a net loss in the amount of 1.3 million euros in the first half of 2022, compared to a net profit of 49.4 million euros in the same period last year. The operations in the first half of 2022 were most strongly affected by Government measures in the field of fuel price regulation in Slovenia and Croatia. In Slovenia, the company was forced to sell fuels at prices which were lower 90 % than the cost in the period between 15 March and 30 June, while in Croatia, fuel prices have been regulated since 7 February. The regulation in Slovenia caused EBITDA to decline by 108.9 million euros, while measures introduced by the Croatian Government reduced EBITDA by an additional 14..5 million euros.

Despite that, sales revenue more than doubled to 4.155 billion euros in the first six months of this year from 1.84 billion euros in H1 2021, backed by the rising prices of fuels, electricity and natural gas.