HELLENiQ ENERGY - Margins troughed in Q3, expect Q4 improvement
HELLENiQ ENERGY’s Q324 results were held back by a weak refining environment, as previously guided by the company, but showed an impressive operational performance. The company noted that the Q424 refining margin is likely to be $2/bbl to $3/bbl above the average for Q3. Q3 refining sales volumes of 4.163m tonnes were up 8% y-o-y, adjusted EBITDA of €183m was down 54% y o y and adjusted net income of €49m was down 77% y-o-y. HELLENiQ’s Q324 benchmark refining margin declined to $3.6/bbl, from $5.5/bbl in Q224, as anticipated by the company at the Q2 results, and at its lowest level since 2021. HELLENiQ announced a €0.2 per share dividend to be paid in January 2025, implying an interim yield of c 3.0%. Management was more confident on the Q424 outlook, expecting a better market and potentially some progress on its DEPA and ELPEDISON business associations that might continue the streamlining of the group.Hellenic Petroleum operates in the energy sector predominantly in Greece and the Balkans. Co.'s main activities include: refining and marketing of oil products ("R&M"); exploration, development and production, of hydrocarbons ("E&P"); manufacturing and marketing of petrochemical products; and power generation and trading. Refining, supply and trading are Co.'s core business and its main source of income and profit. Retail trading activities are split into domestic, comprising Co.'s Greek subsidiaries EKO and Hellenic Fuels, and International through local in-market retail subsidiary companies. Hydrocarbon exploration and production (E&P) Co. activities relate to Greece and abroad.
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