Despite the further drop in international oil prices which resulted in lower sales revenues, Macedonian oil refinery OKTA, owned by Greek Hellenic Petroleum, achieved record profitability in the first half of 2016.
The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 7 million euros in the first half of 2016, compared to 3.95 million euros recorded in the same period last year. The increase is a result of strong sales volume both on domestic and export markets, as well as reduced costs and increased efficiency. The company has strengthened its position even further covering both the planned yearly capital expenditure and the approved dividend payout, which has been distributed in July 2016.
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Tags: ELPE, financial, fuel, Macedonia, oil, oil refinery, OKTA