Q2 2024 Motor Oil Hellas Corinth Refineries SA Earnings Call Transcript
Key Points
- Motor Oil (Hellas) Corinth Refineries SA (MOHCY) reported a strong operating profitability in the first half of 2024, with EBITDA increasing by 19% year-on-year to EUR639 million.
- Net income for the first half of 2024 increased by 30% year-on-year to EUR359 million, despite a 10% drop in refining margins.
- The refining segment's adjusted EBITDA climbed significantly to EUR231 million in Q2 2024 from EUR89 million a year ago, mainly due to the absence of maintenance activity.
- Fuels marketing EBITDA showed strong year-on-year growth, reaching EUR30 million in the second quarter.
- The company achieved a significant reduction in net debt, decreasing by EUR400 million during the second quarter, supported by strong cash flow generation.
- Refining margins have been lower quarter-on-quarter, in line with industry trends, due to weaker distillate cracks and tighter crude differentials.
- The power and gas segment's EBITDA decreased to EUR75 million in the first half of 2024 from EUR93 million in the same period last year, due to a weaker performance of energy.
- Middle distillate cracks weakened further in the second quarter due to dull industrial demand and increased imports from the Middle East and Asia.
- The company faces potential tightness in crude sourcing due to production issues in Libya, although alternative sources have been identified.
- The solidarity tax contribution is estimated to be around EUR205 million, which could impact the company's financials.
Ladies and gentlemen, thank you for standing by. I am Costantino, your Chorus Call operator. Welcome and thank you for joining the Motor Oil conference call and live webcast to present and discuss the first half 2024 financial results.
At this time, I would like to turn the conference over to Mr. Petros Tzannetakis, Deputy Chief Executive Officer; and Ms. Mary Psyllaki, Investor Relations Officer. Mr. Tzannetakis, you may now proceed.
Good morning, good evening, ladies and gentlemen, to all of you, from all of us here. We are three, four, five, and another five -- 12 people in the room, so I'm in good company. Half year 2024 and Q2 2024 results.
Slide 5, some highlights. We delivered the strong operating profitability in the second quarter and the first half of the year. Of course, it was an easy comparison to last -- compared to last year when we had completed the major scheduled maintenance in the refinery. Half year EBITDA of EUR639 million,
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