Growing profits and revenues for Saras, the Moratti family company operating in the oil refining sector. The first nine months of the year recorded a net book profit of 162 million euros, with an improvement of 18% compared to the same period of 2016.
The Ebitda figure was also positive, in line with the result of the previous year, equal to 431 million euro. Boom in revenues, which increase by 19% to 5,65 billion euros. EUR. The difference compared to the 4.75 billion euro realized in the first nine months of last year is mainly attributable to the increase in average oil prices compared to the same period of the previous year.
At the same time as the financial data for the third quarter of 2017, the company also published the refining margin, which stood at approximately 2,8 dollars per barrel, slightly down on the previous figure.
As regards the outlook, "the Group believes it will be able to achieve, in the last quarter of the year, a premium of the Saras refining margin compared to the EMB Benchmark margin, which is an improvement compared to that recorded in the first nine months of the year".
Investments in the first nine months of 2017 amounted to Euro 138,2 million, in line with the planned programme, and mainly dedicated to the Refining segment (Euro 123,1 million). These investments are partly aimed at improving site reliability and energy efficiency, as illustrated in the 2017-2020 business plan. Furthermore, investments relating to projects selected in the so-called "Industry 4.0" are continuing successfully. which see the Group strongly engaged in the development dynamics of digital technologies.
Thus Massimo Moratti, CEO of Saras, commented on the results: “The refinery was able to benefit from a context characterized by high margins for refined products which were the result of both structural factors, such as the strong growth in global demand, and contingent such as some unscheduled closures of refineries in Europe and the United States. We have also overcome some technical problems which partially limited our operations in the summer months and we are preparing to take full advantage of the favorable market conditions foreseen for the current quarter".
