Growth was due to a 27% increase in processed raw material quantities and an 80% increase in the volume of marketed products.
Its net profit, supported by internal optimization and cost reduction programs, reached $30.6 million in the first half, compared with $5.2 million in the same period last year.
The Group had a gross turnover of $6.67 billion in the first half, up 65% on the year, in line with the evolution of the prices of raw materials and petroleum products.
Rompetrol Rafinare, the operator of the processing facilities, posted a significant increase in the operating and net result, up to $85.8 million and $2.8 million, respectivley.
Petromidia Navodari Refinery reached a level of 3.1 million tons of raw materials processed during the first half of the year, a record in its almost 40-year history.
Petromidia Refinery obtained approximately 2.42 million tons of fuel during the first half of the year, of which more than 64% represented Diesel fuel and special aviation fuel – jet fuel.
Vega Ploiesti Refinery processed an approximate total quantity of 194 thousand tons, up 28% compared with the first half of 2017.
During the first half of the year, the domestic and regional fuel demand was affected by both the severe weather conditions during the first quarter and the general economic conditions (the impact of domestic and international price evolution).
Through its retail divisions in Romania, Bulgaria, Moldova and Georgia, the Group’s fuel sales grew 5% in the first half of the year, to approximately 1.5 million tons. The Romanian subsidiary’s fuel sales (including liquefied petroleum gas) grew 12% compared with 950 thousand tons during the first half of 2017.
Domestically, total petroleum product sales during the first half of the year reached 1.4 million tons, up 15% on the year. Direct sales of the manufacturing facilities increased by 37%, up to 372 thousand tons, as the Petrochemical Division also improved the quantities of polymers delivered in Romania by 26% during the first half of 2018.
KMG International continued to expand its regional distribution network, reaching a total of 1,094 distribution facilities (own stations, partner stations, express stations, internal bases) at the end of June, opening 88 more facilities compared with June 2017.
KazMunayGas Trading (KMGT), the Group’s trading division, recorded a total volume of traded raw materials and petroleum products of over 11,5 million tons during the first half, up 35% on the year. They also included the raw materials delivered for supplying the Group’s manufacturing facilities, but also the transfer/sale of petroleum products to the subsidiaries in the region and external partners.
KMGT is also the operator of the oil volumes produced by KazMunayGas for export. Thus, KMGT delivers oil to Petromidia Refinery and carries out trading operations for selling oil on international markets.
The crude oil processed by Petromidia Refinery during the first half of 2018 was unloaded through the Group’s marine terminal located at 8.8 kilometers from the shore of the Black Sea, directly in the tank park, the finished products being subsequently delivered by road, railway and sea (Midia Navodari Harbor). The total quantities of petroleum products delivered in the first half via ships, barges, wagons and tankers from Petromidia and Vega refineries were over 3.6 million tons.