The Motor Oil Group has recorded a decrease in sales and profitability in its financial statements for 2023. Note that comparisons are made with the excellent fiscal year 2022, where record performance was achieved.

Sales amounted to EUR 13.31 billion compared to EUR 16.63 billion in FY 2022, representing a 19.93% decrease in Motor Oil Group's turnover for FY 2023, due to the decrease in sales volume by 3.54% (from 15.492.900 MT to 14.943 MT. 856), combined with the decrease in average prices of petroleum products (expressed in U.S. dollars) by 18.37% compared to the prices in fiscal 2022 and the weakening of the U.S. dollar against the Euro by 2.62%, given that the majority of the parent company's sales are exports invoiced in U.S. dollars.

The decrease in the Group's sales volume in FY 2023 compared to FY 2022 was due to the work of the extensive periodic maintenance programme carried out at almost all of the parent company's refinery units in May-July 2023, it noted.

The Group's Gross Profit (before depreciation and amortization) in 2023 amounted to EUR 1,755,426 thousand compared to EUR 2,110,781 thousand in 2022, i.e. decreased by 16.84%.

The Group's Earnings Before Interest, Depreciation, Amortization and Taxes (EBITDA) in 2023 amounted to 1,383,225 thousand euros from 1,692,919 thousand euros in 2022 (a decrease of 18.29%) The Group's Profit before Taxes in 2023 amounted to 1,038,471 thousand euros compared to a profit of 1,557,453 thousand euros in 2022.

Finally, the Group's profit after tax in 2023 was EUR 806,684 million compared to a profit of EUR 967,2 million in 2022.

HIGH DIVIDEND

The analysis of the sales volume data reveals the highly export-oriented nature of the Refinery (foreign sales, including shipping, amounted to 81.89% of total sales volume in 2023 compared to 84.96% in 2022) and the significant contribution of industrial activity (89.96% of total sales volume in 2023 compared to 95.50% in 2022). 

The Company's management, consistent with its policy to maximize the dividend return to its shareholders, will propose to the upcoming Annual General Meeting the distribution of a total dividend for the financial year 2023 of 199,409,364 Euros (or 1.8 Euros per share), which is the highest amount distributed by the company since its listing on the Athens Stock Exchange. It is noted that an amount of EUR 44,313,192 (or EUR 0.40 per share) has already been paid and recognized as an interim dividend for the financial year 2023 since December 2023, while the remaining amount of EUR 1.40 per share will be recognized in the financial year 2024.