Slovenian energy group Petrol recorded a net profit in the amount of 24 million euros in the first nine months of 2022, which is 74 % lower compared to the same period last year.
The statement from the company said that a drop in profit is a result of the Government measures imposed on the fuel market, thus Petrol Group’s adjusted gross profit was lower by 108.9 million euro in Slovenia and 34.6 million euro in Croatia, with an additional drop in the adjusted gross profit in Slovenia from the electricity and natural gas price regulation. As a result of the these measures, Petrol was forced to sell motor fuels at prices below the cost for 90 % of the time between 15 March 2022 and 21 June 2022.
Sales revenues in the January-September 2022 period more than doubled to 7 billion euros from 3.1 billion euros in the same period in 2021, backed by the rising cost and selling prices of fuels and energy commodities, increased volumes of fuels and fuel products, the merger of Croatian Crodux Derivati Dva into Petrol Group and fuel price regulation.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped by 44 % year-on-year to 98.3 million euros in the first nine months of 2022.
At the end of September 2022, Petrol operated 594 petrol stations, including 318 in Slovenia, 202 in Croatia, 42 in Bosnia and Herzegovina, 17 in Serbia and 15 in Montenegro.