The Petrol Group achieved sales revenues of €916 million, which is 15 percent lower than in the first three months of last year, but net profit increased by 20 percent to €21.8 million, announced the Slovenian energy company.
The decline in sales revenue at Petrol is attributed to falling oil prices and a decrease in the sale of petroleum products due to the crisis caused by the Covid-19 pandemic.
– Business operations in all our markets in January and February proceeded according to plans, but at the end of March there was a significant drop in sales, while in April a retail decline of 46 percent was recorded – stated Petrol.
According to the data provided, the Petrol Group sold 742,900 tons of petroleum products in the first three months of this year which is 18 percent less than in the same period last year. Sales of liquefied petroleum gas fell by five percent to 42,100 tons, and the group sold 5.7 terawatt-hours (TWh) of electricity and 6.4 TWh of natural gas in the first quarter.
At the end of March, the Petrol Group managed 509 gas stations, with the highest number in Slovenia, 318, and in Croatia, 109.
In a statement regarding the Supervisory Board meeting where the quarterly report was presented, Petrol indicated that due to the coronavirus pandemic and the resulting economic crisis, it would not be able to achieve its business plan this year. Due to the uncertainty of further developments, the company has prepared various business scenarios depending on the further easing of measures and restrictions due to the pandemic.
Petrol will, as stated, focus this year on cost optimization and simplification of operations, with estimates that sales of petroleum products will be at 83 to 86 percent of last year’s level.
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