Hellenic Petroleum Group’s adjusted earnings before interest, taxes and asset depreciation (EBITDA) increased 26% year-on-year in the second quarter of the year to €79 million, with the corresponding adjusted net income amounting to €10 million.
This was on the high end of market estimates.
“The improvement in operating profitability came mainly from the record-high (petrochemicals) results, where reduced international polypropylene supply led to very strong benchmark margins. Fuels Marketing also reported improved performance, as the auto-fuel market recovers with the gradual lifting of transportation restrictions,” the company said.
“During the second quarter, we saw the first signs of recovery in our core business, with the gradual lifting of restrictive measures; however, the environment remained particularly weak, as evidenced by benchmark margins close to historic lows,” noted Group CEO Andreas Shiamishis.