Greek refiner Motor Oil on Wednesday reported a 54.9% decline in first-half net profit as reduced refinery utilisation following a September 2024 refinery fire and softer refining margins outweighed insurance proceeds from the incident.

The Athens-listed group posted a net profit of 163.4 million euros ($191.3 million), compared to 362 million euros a year earlier.

Group revenue fell 15.6% year-on-year to 5.27 billion euros, down from 6.24 billion euros in the first half of 2024, driven by lower sales volumes and a decline in average petroleum product prices.

Earnings before interest, taxes, depreciation, and amortization dropped 39.3% to 387.4 million euros, with insurance compensation contributing 150.8 million euros.

Motor Oil said refinery utilisation exceeded 80% of its total capacity during the first half, with the affected crude distillation unit resuming operations in August 2025.

The refinery is Greece’s second largest and accounts for more than a third of the country’s total refining capacity.

Motor Oil sees “satisfactory” EBITDA for the second half of the year, as utilisation normalises and seasonal refining margins improve, with capital expenditure for 2025 expected to reach 200 million euros.
Source: Reuters