STOCKHOLM, Oct. 27, 2023 /PRNewswire/ -- Preem delivered the strongest quarter so far this year powered by a strong performance in the Supply & Refining segment. The result was primarily driven by very strong international refining margins due to more favourable market conditions. The result puts Preem in a historically strong financial position.
Key Figures in summary, July-September 2023
- Sales for the third quarter 2023 amounted to SEK 36,626 million compared to SEK 37,422 million for the third quarter 2022.
- Adjusted EBITDA* amounted to SEK 4,988 million for the third quarter of 2023 compared to SEK 3,087 million for the same period last year.
- Net profit amounted to SEK 5,069 million for the third quarter 2023, compared to SEK -30 million for the same period 2022.
- Cash flow from operating activities, before changes in working capital, for the third quarter in 2023 amounted to SEK 6,593 million compared to SEK 281 million the same period 2022.
- Net financial items for the third quarter 2023 amounted to negative SEK 33 million compared to negative SEK 1,132 million for the third quarter 2022.
- Total liquidity** amounted to SEK 19,433 million by September 30, 2023, compared to SEK 7,433 million by September 30, 2022.
Magnus Heimburg, CEO of Preem, comments:
"I am pleased about delivering the strongest quarter so far this year, and the second strongest quarter during the last 15 years. Adjusted EBITDA rose 62 percent, to SEK 4,988 million, compared to SEK 3,087 million in the third quarter 2022. The excellent result was driven primarily by strong international refining margins and high availability at our Lysekil refinery. Our operational excellence and robust financial results this year has put Preem in a historically strong financial position".
The Supply & Refining segment reported an adjusted EBITDA of SEK 4,771 million for the third quarter 2023, compared to SEK 2,972 million during the same period last year. The result was mainly driven by improved international refining margins, higher volumes, and a somewhat weaker Swedish krona.
Our Marketing & Sales segment reported a strong quarter, with an EBITDA of SEK 452 million versus SEK 241 million for the third quarter last year. The improved result was driven by improved margins in our CRT segment as well as positive inventory price effects.
Also, I am glad to share that Preem has met an important milestone of circa 550 000 cubic meters of renewable production capacity, up 35 percent since year end 2022. Our dedicated workforce is key to the transformation as well as the enormous efforts they put into our day-to-day operations, a workforce I am proud to lead."
* Adjusted EBITDA - defined as EBITDA adjusted for inventory gains/losses, exchange rate translation differences and for net gain/loss on oil derivatives valued at fair value.
** Total liquidity - Cash and cash equivalent and unused committed facilities.
For more information about Preem, please contact:
Preem Press Office
press@preem.se
+46 (0)70-450 10 01
PREEM is Sweden's largest fuel company. Preem's refineries in Gothenburg and Lysekil account for about 80 percent of the Swedish refinery capacity and about 40 percent of the Nordic capacity. Together, they have a total refining capacity of over 18 million cubic meters per year. Our vision is to lead the transition toward a sustainable society. By 2035, Preem has set a goal to produce 5 million cubic meters of renewable fuels, and to achieve climate neutrality across the entire value chain. We refine and sell fuel, heating oil and lubricating oil as well as other products to companies and individuals. Most of our products, almost 60 percent, are exported to nearby markets mainly north-western Europe. We have a nationwide service network with over 500 filling stations for private and commercial traffic. Preem AB has around 1,500 employees, of which 1,100 work at our refineries. In 2022, Preem's turnover was SEK 161 billion.
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