Slovenian energy group 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 statement from the company said that 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.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) droped by an annual 52 % to 48.6 million euros in the first half of 2022, as the positive effect from the integration of Croatian petroleum products retailer and wholesaler Crodux Derivati Dva was offset by the loss resulting from the regulated fuel prices in Slovenia and Croatia.
At the end of March 2022, Petrol operated 593 petrol stations, including 318 in Slovenia, 202 in Croatia, 42 in Bosnia and Herzegovina, 16 in Serbia and 15 in Montenegro.
