Motor Oil Reports €967 Million Operational Profit for 2024

Motor Oil reported operational profits of €967 million in 2024, according to results announced today, down from €1.38 billion in 2023. The company’s adjusted net profits were €504 million, a 43% decrease, while investments rose to €433 million from €353 million the previous year. The company’s management will propose a dividend of €1.40 per share at the general shareholders’ meeting, with €0.30 already paid as an advance. A significant portion (68.8%) of Motor Oil’s product sales were directed to foreign markets. Despite reduced usage rates in the last quarter of 2024 due to a fire on September 17, 2024, which affected one of the two Cracking Units, the sales volume exceeded the annual production capacity of the refinery again. For 2025, priority is given to completing restoration work on the affected unit, expected by the third quarter. During the restoration period, refinery production capacity is estimated to fluctuate between 65-80% of nominal capacity. The company anticipates that its EBITDA for the first half of 2025 will be impacted by the lower utilization rate of refinery units and ongoing margin normalization compared to historically high margins in 2023 and 2022. Part of this impact will be offset by business interruption insurance coverage.