ECONOMY

ELPE reports strong Q4 results

elpe-reports-strong-q4-results

Despite the adverse environment for refining, Hellenic Petroleum (ELPE) on Thursday reported positive financial results for the last quarter of 2019.

The group’s earnings before interest, tax, depreciation and amortization (EBITDA) came to 118 million euros for the October-December period and to 572 million euros for the whole of 2019, while net profits reached 185 million euros last year. The company’s management will propose a dividend of 0.50 euros per share for 2019 at the general meeting.

Commenting on the results, ELPE chief executive Andreas Shiamishis said the group had to navigate a significant deterioration in the international environment for the first time in several years. “In such a challenging context, we responded with great success, improving our financial balance and maintaining high returns for our shareholders.”

“Of particular importance was the issue of the 500-million-euro bond with an interest of 2 percent – the lowest rate for the group’s borrowing in at least 10 years – and which also opened the international bond market for other Greek companies,” added Shiamishis.

ELPE is aiming to maximize its returns in its main activities and to develop a diverse portfolio in the energy sector, focusing on securing a significant role in the region’s energy transition.