Romania’s oil terminal boosts profit

Romanian petroleum logistics company Oil Terminal said its net profit surged by an annual 82.6 percent y/y in the first quarter of 2022, reaching 11.52 million lei ($2.4 million/ 2.32 million euro).

First-quarter turnover increased by 16 percent on the year to 60.66 million lei, the company said in an unaudited financial statement filed with the Bucharest Stock Exchange, BVB.

Oil Terminal’s expenses saw a 17.8 percent year-on-year increase to 48.25 million lei in the first three months of 2022. Its EBITDA also saw a 69 percent increase year-on-year, to 18.14 million lei.

The company handled a total of 2.08 million tonnes of crude oil, gasoline, gas oil, fuel oil, as well as miscellaneous chemical products over the first three months of 2022, marking a 25.3 percent year-on-year increase.

The company’s total assets increased 0.8 percent on the year, to a total of 598.8 million lei.

Based in the Black Sea port city of Constanta, Oil Terminal specialises in logistics pertaining to a variety of petroleum products and chemicals. The company has a total storage capacity of approximately 1.4 million cubic metres.

Oil Terminal’s majority stakeholder is the Romanian energy ministry, with a stake of 59.6 percent; other major stakeholders include Dumitrescu Sebastian Valentin, with a 16.7 percent stake.

Oil Terminal’s shares traded up 1 percent at 0.1515 lei as of 14:55 CET on the BVB.

For more information visit www.oil-terminal.com