KMG International Group, part of KazMunayGas - the national oil and gas company of Kazakhstan - managed to obtain, in the first nine months of this year, an increase by 11% of the operating result and a net profit of USD 11.4 million, as compared to a negative value of USD 30 million in the same period of 2014.
“The operational and financial performance achieved by the Group in the period from 2014 to 2015 is a historical record based on the measures taken to consolidate and optimize the core activities - refining, retail and trading in the Black Sea and the Mediterranean Sea regions, also supported by USD 1.6 billion granted by the sole shareholder since 2007 until present. Taking into account that the refining sector has been strongly affected by the financial crisis, our long-term strategy targeted the expansion and modernization of the Petromidia Năvodari refinery, the development of the retail segment in Romania, Bulgaria, Moldova and Georgia, as well of the trading sector in Turkey, France, Spain and Singapore” states Zhanat Tussupbekov, CEO of KMG International.
In the first nine months of the year, the Group recorded an operating result (EBITDA) of USD 136.1 million, an increase of 11% as compared to the level of the same period of 2014. In the period from July to September, the operating profit amounted to USD 54.2 million.
In the context of the major depreciation of raw materials (crude oil) and finished products, the gross turnover recorded by the Group in the same period decreased by 25%, from approximately USD 10.3 billion to USD 7.7 billion.
The amount of raw material processed by the 3 production units of KMG International (the Petromidia Năvodari refinery, the Vega refinery and the petrochemical division) amounted, from January to September, to 4.5 million tons, i.e. an increase by 11%.
At the same time, sales of finished products (trading, exports) performed by the Group entities to Rompetrol stations and commercial partners in the Black Sea and the Mediterranean Sea region increased by 6%, up to a level of 5.6 million tones. Over 36% of this quantity was delivered through the subsidiaries in Romania, Georgia, Moldova, Bulgaria and the rest through the trading house - KMG Trading Switzerland, Dyneff France and Spain.
The exports of Rompetrol Rafinare at regional level increased in the first nine months of the year by about 28% (350,000 tones). With a processing capacity of over 5 million tons of raw material / year, Petromidia Năvodari is the main asset of the Rompetrol Rafinare and of KMG International, being the largest refinery in Romania and one of the most modern of its kind in the Black Sea region.
From 11 October to 20 November, Rompetrol Rafinare stopped the activity of the Petromidia refinery and of the petrochemical division, in order to conduct the scheduled overhaul which takes place every 5 years. The total level of works and investments to be accomplished during this period is estimated to USD 77.5 million.
On the internal level, the Group sales of finished products through Rompetrol Rafinare, Rompetrol Downstream and Rompetrol Gas subsidiaries reached a volume of about 1.76 million tons in the first nine months – an increase by 3% as compared to the index obtained in the same period of 2014. The fuel distribution network of Rompetrol in Romania is made up of over 740 distribution points (Rompetrol stations, Rompetrol Partner, Rompetrol Expres, internal bases of 9 and 20 cm), 230 LPG stations, 9,000 cylinder distribution points, 3 LPG bottling stations in Constanţa, Arad and Bacau, and 8 warehouses (Arad, Craiova, Mogoşoaia, Şimleul Silvaniei, Vatra Dornei, Zărneşti, Oneşti and one inside the Petromidia refinery).
Corporate Communication and Public Relation Department