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AB Klaipedos nafta release unaudited results

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LNG Industry,

AB Klaipedos nafta announces the unaudited condensed financial statements for the financial year 2017. A summary of the results accompanied with management comment is provided below.

AB Klaipedos nafta sales revenue for the year 2017 comprise of €106.5 million (2.6% higher compared to the same period of 2016 – €103.8 million). The net profit for 2017 amounts to €17.0 million or 23.2% larger compared to the same period of 2016 (€13.8 million). Profit before tax, interest, depreciation and amortisation (EBITDA) for 2017 conclude €31.3 million, or 9.5% more, compared to the year 2016 when EBITDA reached €28.6 million.

According to the management of the company, AB Klaipedos nafta financial and operating activity results are 'delighting', despite the influence of strong external factors, which had a significant impact on the decrease of oil product transshipment, compared to the record breaking transshipment quantity of 2016. KN managed to stabilise the flow of the cargo and to ensure decent yearly ratios.

AB Klaipedos nafta managed to regasify and reload a total of 12.65 million MWh of natural gas in 2017 (during 2016 - 14.61 milllion MWh). Klaipeda LNG terminal enabled Lithuania and other Baltic countries to acquire natural gas from the suppliers providing the most competitive market price. This is illustrated by the fact that during  2017, gas handled via LNG terminals operated by the company was delivered from four different continents and reached households and commercial users from seven different countries.

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