The Rompetrol Group NV (TRG) posted a turnover of $4.7 billion for January-September 2007, marking a 10 percent rise over the similar 2006 period figure of $4.28 billion. At the same time, the operational profit (EBITDA) rose to $162 million, a 30 percent increase year-on-year from $125 million, and marked a 41 percent hike compared to H1 2007 when TRG reported EBITDA of $115 million.
“On a declining and very volatile market, which is highly influenced by record crude price developments and furthermore USD/EUR exchange rate depreciation, TRG sticks to its strategy to create a company extending throughout the Black Sea, Balkans, and Mediterranean regions. Group financial figures for the first nine months were sustained by both the expansion of the Rompetrol fuel distribution network throughout Romania and abroad, and also by processing a record amount of feedstock at Rompetrol Rafinare,” stated Adrian Petruş, The Rompetrol Group CFO.
TRG’s main company, Rompetrol Rafinare Constanţa, with subsidiaries Rompetrol Petrochemicals, Rom Oil, Rompetrol Downstream and Rompetrol Logistics, posted a turnover of $2.31 billion for the first nine months of 2007, or about 20 percent above the $1.93 billion turnover reported for the same period in 2006. Compared to the $1.38 billion turnover registered in H1, 2007, the nine month indicator represents a 67 percent hike.
Rompetrol Rafinare EBITDA reached $126 for the first nine months of 2007, marking a 33 percent rise over the $95 million result reported for the similar period in 2006, and a 48 percent increase compared to the $85 million results of H1, 2007. Such development of the financial figures was backed by both oil product output and alignment of product prices with market trends.
“Rompetrol Rafinare’s processing of record amounts of feedstock since the beginning of the year is the outcome of our plan to expand refinery capacity to 5 million tons/year by 2009. The plan was announced as early as 2006, when 3.7 million tons of raw materials were processed. This way, our already stated goal of ranking among the top 25 European refineries, is getting closer and closer,” said Cosmin Cocean, TRG Refining BU VP.
Rompetrol Rafinare remains one of the largest taxpayers to the State budget in Romania, with a contribution of close to $762 million over the first nine months of the year, representing a 30 percent increase compared to the similar 2006 period.
* These results are preliminary, not audited, and according to International Financial Reporting Standards (IFRS).