Motor Oil sees earnings jump in Q1
The Abu Dhabi Future Energy Company (Masdar) and Motor Oil have signed an MoU for the possible development of RES projects in Greece.
Motor Oil on Monday reported a significant improvement in its first-quarter performance in comparison with the same period in 2021.
Its earnings before interest, tax, depreciation and amortization (EBITDA) totaled 318 million euros in the January-March period, up from €82 million in the fourth quarter of 2021 and €120 million in the corresponding period last year.
On a comparable basis, operating earnings totaled €189 million, up from €72 million in the fourth quarter of 2021 and €80 million in the first quarter of 2021.
Net profits jumped to €197 million in the first quarter of 2022 from €65 million in the same period last year.
