The company proposed a dividend of RON0.015/share, subject to approval in April.
Consolidated sales for 2016 decreased by 10% compared with 2015, to RON16.2 billion, largely due to lower petroleum products sales, following a further decline in oil prices and slightly lower quantities sold, as well as reduced gas sales. These negative effects were partially offset by higher sales of electricity, the company said.
“In 2016, the market environment remained volatile and challenging. Cost savings of around RON500 million were achieved at Group level,” said Petrom CEO Mariana Gheorghe.
In the fourth quarter, sales increased by 2% compared with the same period in 2015, helped by higher oil prices and increased gas sales volumes, which more than offset lower volumes of petroleum products sold and the decrease in gas and electricity prices.