Rompetrol Rafinare (stock symbol RRC), a member company of the KMG International group, forecast a net turnover of 15.5 billion lei in this year’s revenue and expenditure budget. Last year, business reached 19.3 billion.
♦ The company has low transactions on the Stock Exchange as 93% of the capital is in the hands of two shareholders ♦ Minus 10% at BVB in the last 12 months.
Rompetrol Rafinare (stock symbol RRC), a member company of the KMG International group, forecast a net turnover of 15.5 billion lei in this year’s revenue and expenditure budget. Last year, business reached 19.3 billion.
After a year in which the company recorded a decrease in financial indicators against the backdrop of the volatility of international quotes for crude oil and refined products – the quotes continued their downward trend, reaching in 2023 a decrease of 14% for gasoline and 21% for diesel -, the group estimates a loss of 175 million lei in 2024. The net result in 2023 consisted of a loss of about 1.2 billion lei.
EBITDA – operating profit, without depreciation and amortization expenses – is forecast this year at 546.5 million lei. Last year, the same indicator lost 57% to around 1 billion lei.
The company announced that investments in refineries will reach over 680 million lei this year.
The investment program will be focused on the following: “Purchase of strategic, dynamic and static equipment; Continuation of the program of projects to change the main fire water lines; Change of catalysts; Checking of equipment and pipelines according to ISCIR prescriptions (State Inspection for the Control of Boilers, Pressure Vessels and Lifting Installations – no); Modernization of installations through improvement projects”.
Although it displays a market value of 2 billion lei, one of the highest on the Bucharest Stock Exchange, the company registers a liquidity of 440,000 lei this year and 1.2 million in the last 12 months, the dynamics being minus 9, 5% and 8.4% respectively.
The turnover is explained by the fact that 92.8% of the share capital is controlled by two shareholders: the Kazakh group KMG (with 48.1% of the total shares) and the Romanian state through the Ministry of Energy (44.7%). The free float (freely tradable shares) is 6.6%.
In the period 2019-2023, the operator of the Petromidia and Vega refineries recorded a consolidated net loss of 705 million dollars, against the background of the international and regional context, but also of the Covid-19 pandemic. The exception is 2022, when the company recorded a net profit of 90 million dollars, the year in which Rompetrol Rafinare complied with the mandatory fiscal measures – the solidarity tax (126 million dollars) and the reduction/compensation of fuel prices (35 million dollars). .
