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AB Klaipedos nafta release interim financial information regarding the nine months of 2017

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LNG Industry,


AB Klaipedos nafta announces the unaudited financial results for the nine months ended 30 September 2017.

  • AB Klaipedos nafta revenues for the nine months of 2017 comprised €79.5 million, 1% less compared to the nine months of 2016 (€80.3 million).
  • Net profit of the company for the nine months of 2017 amounted to €12.3 million, 5.4% less compared to the same period of 2016 (€13 million). Net profit margin for the nine months of 2017 comprised 15.5% (9 months of 2016 – 16.2%).
  • Company’s EBITDA for the nine months of 2017 amounted to €23.9 million, (i.e. 1.6% less compared to the same period of 2016 – €24.3 million). EBITDA margin for the nine months of 2017 was 30.1% (9 months of 2016 – 30.3%).

During the nine months of 2017, KN’s results significantly came closer to the results of the same period of 2016 whereas the net profit of Q3 2017 is the highest during the year 2017. Although the beginning of the year indicated signs of lagging behind, diversifying the transhipment of petroleum products and consistently implementing strategic goals during the rest months of 2017 KN has achieved sustainable results and created more value for the partners as well as shareholders.

Total transhipment in KN’s oil terminals of Klaipeda and Subacius for the nine months of 2017 comprised 5.2 million t of petroleum products or by 10.3% less compared to the same period of 2016 when 5.8 million t had been transhipped. The main reason of the transhipment volume decrease is due to the geopolitical factors of the region. Due to uncertainty of the global oil transhipment market, political decisions impact for the transit cargos volumes the company was required to look for the alternative transit cargos to maintain the required transhipment portfolio and this helped to ensure stable revenues and profit. In the beginning of April when Russia and Belorussia have agreed for the renewal of crude oil supply and Belorussia refineries have gradually returned to the regular refining volumes transhipment volumes has risen in KN as well. Another factor for the assurance of oil products volumes was the modernisation of auto carriers loading unit finished at the beginning of this year that enabled to increase loading volumes through this loading unit by 55% and to conclude long term loading contracts, which will benefit results in the future as well.

LNG terminal regasification volume and reloading for the nine months of 2017 was 10.5 million MWh or less by 14.1% compared to the same period of 2016 when 12.2 million MWh has been regasified. The main reason for this year’s reduce in regasification volume – less capacity ordered by the terminal users in the beginning of the year. KN constantly strives to create as much value as possible for terminal users by creating an option of choice from who and in what terms acquire gas in the open market and supply them to the gas consumers.

KN Oil terminals’ revenue in 2017 has reduced in connection with the transhipment volumes decrease and for the nine months of this year comprised €27.8 million, (i.e. reduced by 6.4% compared to the same period of 2016). The revenue of the KN LNG terminal for the reporting period comprised €51.7 million when in the same period of 2016 – €50.5 million.

Despite the fact that activity volumes and revenue have slightly decreased in a light of record 2016 year, KN activity in the nine months of 2017 has almost closed to the results of last year and ensures stable effective performance results.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/31102017/ab-klaipdos-nafta-release-interim-financial-information-regarding-the-nine-months-of-2017/

 

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