Motor Oil Group presents a significant increase in profits in the first half of 2024 compared to the corresponding period of 2023, as the profits in the financial results announced.

Specifically, the group's profit after tax in H1 2024 amounted to €361,999 million compared to a profit of €275,412 million in H1 2023, up 31.44%.

The Group's operating EBITDA profit for H1 2024 was €638,682 million compared to €535,115 million in H1 2023 (up 19.35%), and the Company's operating EBITDA was €492,777 million in H1 2024 compared to €406,898 million in H1 2023 (up 21.11%).

Adjusted figures (excluding the impact of the fluctuation in the value of inventories): EBITDA amounted to €624 million from €602 million last year, up 4%, while net profit was €347 million from €329 million, up 6%.

Group turnover in the First Half of 2024 was €6,237.9 billion compared to €5,928.1 billion in the corresponding period of 2023, representing an increase of 5.23%. This development was due to the 3.78% increase in sales volume (from MT 6,793,700 to MT 7,050,310) coupled with an increase in the average price of petroleum products (expressed in US dollars) by 3.9% compared to the prices in the corresponding period of 2023.

Part of the increase was offset by the marginal weakening of the U.S. dollar against the euro by 0.06% (average exchange rate for the first half of 2024: €1 = $1.0813 compared to €1 = $1.0807 in the corresponding period of 2023) given that the majority of the company's sales are exports invoiced in U.S. dollars.

The increase in sales volume in H1 2024 compared to the corresponding period in 2023 is due to the higher production of the company's refinery, as in the period May-July 2023, periodic maintenance work had been carried out on almost all of the refinery's units.