In the nine months, the group's gross operating profit was up by 54% to EUR 175.7 million, with sales of petroleum products representing a 55.9% share, sales of merchandise 18.3%, sales of other energy products 16.2% and sales of energy and environmental systems 9.6%.
The share of operating expenditure in adjusted gross profit amounted to 70% and was the lowest in the last ten years, Petrol said in the report published on Friday on the website of the Ljubljana Stock Exchange.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up by 54% to EUR 175.7 million, and the net debt-to-EBITDA ratio stood at 1.4, down from 3 at the end of September 2020.
Petroleum product sales in the Slovenian market increased 3% year-on-year, while sales in the South-east European markets grew by 12% compared to the first nine months of 2020.
A total of 2.1 million tonnes of petroleum products sold represented a decline of 7% year-on-year, which is a result of lower sales in the EU markets, mostly because of the changed import regime in Italy, the report says.
Sales of merchandise amounted to EUR 373.6 million, which is 10% more year-on-year, while the group sold 1.08 million tonnes of liquefied petroleum gas, a decline of 5% year-on-year, while natural gas sales increased by 27% to 25.3 TWh.
At the end of September 2021, the Petrol group operated 501 service stations, of which 318 in Slovenia, 111 in Croatia, 42 in Bosnia-Herzegovina, and 15 each in Serbia and in Montenegro.
Chairman Drobne Popović noted in the report that Petrol acquired in October Crodux Derivati Dva as the "company's largest acquisition in the last decade that represents the greatest one-off increase in the number of points-of-sale in its history."
In the first nine months of 2021, 76% of the group's investments were earmarked for energy transition projects, as Petrol's second wind farm, Ljubač, started operating in Croatia at the end of July.
"Despite business uncertainty, the Petrol group's goals for 2021 are very high, with the planned EBITDA of EUR 213.5 million being an all-time record," Drobne Popović said, noting that "we are on a good way to exceed this ambitious goal."