Slovenia's energy group Petrol posted a net profit of €137 million for 2023 after reporting a small loss in the year before. Revenue declined by 26% to just shy of €7 billion, largely due to lower prices of fuel and other energy commodities, show unaudited results released by the company.

Earnings before income tax, depreciation and amortisation (EBITDA) nearly tripled to €277 million and the company said the EBITDA structure also normalised as the share of the energy and solutions product group increased in the EBITDA structure, which is in line with the company's strategic commitment.

The group sold 3.8 million tons of fuels, a decrease of 8% compared to 2022, while the sales of merchandise and services increased by a tenth to €571 million. It also sold 16.6 TWh of natural gas, down 12%, and 12.8 TWh of electricity, which is 6% more than in 2022.

The business conditions in 2023 were quite different than those in 2022. Compared to 2022, the situation on the energy markets stabilised in 2023 and as a result the regulation of the prices of certain petroleum products was not as strict as in 2022. Consequently, adjusted gross profit totalled €678 million, a 72% increase.

Operating costs amounted to €561 million, a year-on-year increase of 20%, mostly because of the higher prices of materials and labour costs.

Capital expenditure rose by almost 40% to €83 million, in what the company says allowed it to successfully continue its key development projects.

Commenting on the results, management board member Drago Kavšek said that despite the challenges on the market, the group managed to keep a balanced financial structure and liquidity in 2023.

"Efficient risk management, prudent cost management and responsible investing, especially in projects that support the energy transition and sustainable development, will ensure that Petrol is ready to implement its further strategic plans," he was quoted as saying.