OMV Petrom Group posted a net income of RON 1.399 billion for Q1 2024, down 6 percent year-over-year from RON 1.481 billion, according to the financial report submitted to the Bucharest Stock Exchange on Tuesday.
Consolidated sales revenues dropped 10 percent from the same period in 2023, affected by lower gas and electricity prices, as well as lower volumes of natural gas sales; this was partially offset by higher volumes of electricity and refined product sales.
Sales on the Refining and Marketing segment accounted for 72 percent of total consolidated sales, sales on the Gas and Power segment represented 28 percent, while sales from Exploration and Production represented only 0.2 percent (sales in Exploration and Production
being largely intra-group sales rather than third-party sales).
The income tax amounted to RON 278 million, while the effective tax rate was 17 percent in the reporting period.
On the other hand, capital expenditure totaled RON 972 million, by 1 percent higher than in the same period last year, being directed mainly towards Exploration and Production, with investments worth RON 772 million. Refining and Marketing investments were worth RON 154 million, while Gas and Power investments stood at RON 22 million.
Romanian shareholders own over 43 percent of the OMV Petrom stake, with the Romanian state holding 20 percent through the Energy Ministry, while Romanian pension funds hold 22.5 percent; to this add almost 500,000 individual investors and other Romanian entities. OMV Joint-stock company, one of Austria’s largest listed industrial companies, owns 51.2 percent of OMV Petrom’s shares, and the remaining 5.6 percent is held by other foreign investors. Of the total shares of OMV Petrom, 28.1 percent are free-float on the Bucharest Stock Exchange.
OMV Petrom is one of the largest contributors to the state budget, with approximately 42 billion euros paid between 2005 and 2023 in taxes, fees and dividends. In the same period, the company invested approximately 18 billion euros.
AGERPRES
