Hellenic Petroleum Holdings SA announced second-quarter 2022 consolidated financial results on Thursday, with adjusted EBITDA at 535 million euros compared with 79 million in the same quarter in 2021, and adjusted net income of 367 million euros.
The improved results reflect increased benchmark refining margins, the improved profitability in exports and our international subsidiaries, but also the demand recovery in the Greek market due to tourism, especially in aviation and bunkering sales, the Group said. Those outweighed the negative impact on its operating cost from electricity and natural gas pricing, as well as the planned refining maintenance.
At the same time, HELPE also announced “an extraordinary general assembly of shareholders to approve and upgrade its corporate identity.” According to results, in 2Q22 adjusted EBITDA came to 535 million euros compared to 79 million for the corresponding quarter of 2021, while adjusted net income came to 367 million euros against 7 million the year before.
Adjusted EBITDA for the first six months of 2022 were 633 million euros, while for the same time in 2021 they came to 139 million euros, with 371 million euros adjusted net income for the first six months of 2022 compared to 12 million euros for the first six months of 2021 (excluding the effects of global price fluctuations on the value of company reserves).
The Group’s transformation strategy with investments in cleaner forms of energy and reduction of its CO2 footprint is successfully implemented, it added, as the largest operating park in Greece in 2Q22 – the new, 204 MW photovoltaic park in Kozani – commenced operations. “The impact of this investment is particularly positive both for the company’s results and Greece’s energy balance, as it replaces very expensive natural gas imports,” it said, noting that “in July 2022, the Group’s installed RES capacity increased further to 340 MW, following the acquisition of 55 MW of operating wind farms in Mani, Southern Greece.” The Group’s objective is to gradually grow the operating RES portfolio in the medium term to 1 GW and exceed 2 GW by 2030, it noted.
Commenting on the results, Group CEO Andreas Shiamishis said:”The 2Q22 set of financial results, with adjusted net income of 367 million euros, is particularly positive with substantial improvements across all our business units, mainly due to the prevailing conditions in international markets, increased demand in Greece, as well as the ongoing focus towards the Group’s operational improvement. The efforts for extroversion and change of business model are yielding results, as, in addition to the incremental profitability from our investments, the contribution from exports, aviation sales and our international subsidiaries, for the first time, significantly exceeded that of domestic market.
“During the quarter we further accelerated our strategy implementation, with new investments in RES, where we have now created a new business pillar, as one of the fastest growing companies in the market. Developments in the rest of our portfolio are also evolving, with the partnership with ExxonMobil in the Crete offshore blocks, offering a new perspective to hydrocarbons exploration. As far as DEPA is concerned, we estimate that the sale of DEPA Infrastructure will soon be completed, with proceeds of over 250 million euros directed towards new energy, while allowing for an additional distribution to our shareholders.
“The benefits of our new business strategy, the upgraded corporate governance, as well as the new organizational structure have become visible within a short period of time and allow a more dynamic development of the Group. With today’s decision to convene an extraordinary general meeting of our shareholders to approve our new corporate identity, we are completing the first phase of our strategic plan, Vision 2025.”