The consolidated turnover of the elin Group in the first half of 2024 amounted to €1,309.78 million compared to €1,137.61 million in the first half of 2023, recording an increase of 15%. For the same period, the group's gross profit amounted to €38.8 million compared to €31.6 million in the first half of 2023, and earnings before interest, taxes, financial results, depreciation, and amortization (EBITDA) amounted to €19.73 million compared to €13.48 million in the same period of 2023, representing an increase of 46%.
The Group's consolidated earnings before tax (EBT) in the first half of 2024 amounted to a profit of €4.48 million compared to €6.26 million in the first half of 2023, while consolidated earnings after tax and minority interests (EATAM) amounted to a profit of €3.5 million compared to €5.2 million in the corresponding period last year.
As for the parent company, in the first half of 2024, earnings before interest, taxes, financial results, and depreciation (EBITDA) amounted to €19.17 million compared to €13 million in the first half of 2023. Profit before tax amounted to €5 million compared to €6.8 million and profit after tax to €3.9 million compared to €5.6 million in the corresponding period of 2023.
The first half of 2024 was completed in line with the company's estimates, showing positive results. In contrast to the political uncertainty observed in 2023, the first half of 2024 was characterized by stability in Greece, supported by the Recovery Fund's capital. This contributed to maintaining economic growth at higher levels than the European average.
Sales of motor fuel increased by 6%, while the expansion of our network with 18 new stations strengthened our market presence. However, the mild winter season led to an 11% decline in heating oil sales, limiting overall sales growth to 3%.
Despite the increase in sales, overall profitability was down, mainly due to the maintenance—for the third consecutive year—of the gross margin cap on the domestic market. The cap drives sales to zero profit margins, as the Competition Commission also pointed out in its report entitled 'Regulatory Intervention in the Petroleum Products Sector', without the state recognising the burdens on operating costs, such as financial, transport, and wage costs.
Geopolitical developments are undoubtedly affecting the company's performance, especially in the activities of International Trade and Marine Lubricants, with the war in Ukraine and EU sanctions against Russia creating conditions of unfair competition due to illegal Russian products at low prices. To limit the negative impact on International Trade sales, the company made a strategic investment in warehouses in Spain, developing Mazut sales in the West African market, with a positive contribution to the first half results.
For the second half of the year, the outlook remains positive. The continued development of the elin network, with the addition of 20 new service stations by the end of the year, and investments in marinas will boost the company's sales, while the deceleration of international prices is expected to make heating oil more competitive. At the same time, the recent investment in Spain is expected to contribute to sales growth in new markets in West Africa.
Although conditions in the domestic market remain challenging due to delinquency and the unjustified maintenance of the cap—at least until the end of the year—the company's assessment is that financial results for 2024 will be positive, albeit slightly worse than 2023.
