Yahoo Finance

• Half Year EBITDA: EUR639 million, increased by 19% year-on-year.

• Net Income: EUR359 million, increased 30% year-on-year.

• Net Debt: EUR1.6 billion, returning to the level of year-end 2023.

• Adjusted EBITDA (Q2): EUR289 million.

• Refining Segment Adjusted EBITDA (Q2): EUR231 million, up from EUR89 million a year ago.

• Fuels Marketing EBITDA (Q2): EUR30 million.

• Power & Gas EBITDA (Q2): EUR27 million, down from EUR40 million a year ago.

• Gasoline Sales Growth (Q2): Up 1.4%.

• Auto Diesel Sales Growth (Q2): Up 4.7%.

• Jet Fuel Sales Growth (Q2): Up 17%.

• Gas Prices (Q2): EUR32 per megawatt hour, a 14% increase from Q1.

• Wholesale Electricity Price (Q2): EUR80 per megawatt hour.

• Production Volume (H1): 6.1 million metric tons, increased by 14%.

• Sales Volume (H1): 6.7 million metric tons, increased by 11%.

• Fuels Marketing EBITDA (H1): EUR52 million, up from EUR22 million last year.

• Power & Gas Segment EBITDA (H1): EUR75 million, down from EUR93 million last year.

• Renewables Business EBITDA (H1): EUR63 million, up from EUR54 million last year.

• Free Cash Flow Generation (Q2): EUR416 million.

• CapEx (H1): EUR82 million for the company, EUR123 million for the group.

• Debt Maturity Profile: Group debt at EUR2.6 billion, net debt at 1.1 times EBITDA.

• Warning! GuruFocus has detected 5 Warning Sign with MOHCY.

Release Date: August 29, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive 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.

Negative Points

• 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.