The Elin Group recorded a significant increase in turnover during the first nine months of 2024.

In particular, consolidated turnover amounted to €2,050.64 million compared to €1,880.06 million in the first nine months of 2023, recording an increase of 9%. For the same period, the group's gross profit amounted to €61.97 million compared to €51.17 million in the first nine months of 2023 and earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to €30.61 million compared to €22.58 million in the same period of 2023, representing an increase of 36%. The Group's consolidated earnings before tax (EBT) in the first nine months of 2024 amounted to a profit of €9.53 million compared to €11.01 million in the first nine months of 2023, a decrease of 13%.

As for the parent company Elinoil., in the first nine months of 2024, earnings before interest, taxes, financial results and depreciation (EBITDA) amounted to €29.42 million, compared to €21.64 million in the first nine months of 2023. Profit before tax amounted to €10.02 million compared to €11.59 million in the corresponding period of 2023.

Sales of motor fuels in the third quarter increased by 7% compared to the same period last year. The expansion of Elin's network with 12 new service stations increased its sales and contributed to the company moving at a pace higher than that of the market.

"However, the ongoing crisis in the Middle East and the non-transit of ships through the Red Sea are undoubtedly affecting the sales trend in marine lubricants, while a general situation of volatility and uncertainty in international trade continues to prevail. The "grey fleet" in our region, which transports Russian products and crude oil to European markets, creates conditions of uneven competition, thereby gradually limiting the prospects of sales growth in Europe.

Despite these facts, the company's recent strategic move with the investment in storage facilities in Spain has allowed the International Trade business to overcome losses from traditional markets and develop significant sales profitability in the fuel oil market," the statement stressed.

For the last quarter of the year, the company's estimates remain positive. The country's economic growth remains upward, with the European Bank continuing to cut interest rates, helping to contain the financial costs that weighed on the first half of the year.

"The further development of our network with the addition of 6 new service stations will boost our sales. He concludes, "We anticipate continued growth in fuel sales, particularly heating oil, with the deceleration of international prices, leading to a higher sales level compared to the same period last year."