Romanian OMV Petrom ups turnover, posts record profit again

Romania's oil and gas company OMV Petrom posted a record profit of EUR 885.5 million last year, up 5 percent on the year before, while its sales went up by 16 percent, to some EUR 5.9 billion, according to the company. Its profit in 2012 was lower expressed in Romanian currency, but due to the exchange rate fluctuation, in EUR it was slightly higher at EUR 886 million. The turnover however was lower in euros, EUR 5.3 billion. “After a recent period of volatile crude prices and macroeconomic uncertainty, 2012 was a year of relative stability, with strong operational and financial performance for Petrom. This was the result of the preceding years of high capital investments in our core business and a focus on operational excellence,” said Mariana Gheorghe, CEO of OMV Petrom. The group's net profit in the fourth quarter of 2012 was up compared to the third, reaching EUR 237 million, an increase from EUR 194 million in the third quarter. “In 2013, our efforts will continue to focus on operational excellence, stabilize production volumes and capitalize growth opportunities via exploration works and exploration license acquisitions. To this end, one of our top priorities is the discussion with authorities to define a long-term, stable and reasonable fiscal and regulatory framework, prerequisite for the high, longterm investments required by the oil and gas industry,” the CEO added. OMV Petrom, which runs 798 gas stations in Romania considers an investment plan for 2013 of over EUR 1 billion and intends to propose allocation of dividends for 2012 financial year. The value of the proposed dividend per share was not announced. The full report in English is here. editor@romania-insider.com (photo source: arhivafoto.ro)