Preem Holding had a good start to 2023. Preem experienced high refining margins and delivered an overall good performance in a market environment affected by continued market volatility. The result was mainly driven by international margins, but a strengthened US dollar also contributed.
Key Figures in summary, January-March 2023
- Sales for the first quarter 2023 amounted to SEK 36,845 million compared to SEK 36,831 million for the first quarter 2022.
- Adjusted EBITDA totaled SEK 3,496 million for the first quarter of 2023 compared to SEK 2,305 million for the same period last year.
- Net financial items for the first quarter 2023 amounted to negative SEK 298 million compared to negative SEK 550 million for the first quarter 2022.
- Net profit amounted to SEK 1,720 million for the first quarter 2023, compared to SEK 3,728 million in net profit for the same period 2022.
- Cash flow from operating activities, before changes in working capital, for the first quarter in 2023 amounted to SEK 2,736 million compared to SEK 5,314 million the same period 2022.
- Total liquidity* amounted to SEK 15,778 million by March 31, 2023, compared to SEK 8,909 million by March 31, 2022.
* Total liquidity - Cash and cash equivalent and unused committed facilities
“The international energy markets, oil & gas included, were affected by continued market volatility. Demand for non-Russian crudes and refined products continued to affect refining margins, although product cracks have come down somewhat compared to last year’s highs.” says Magnus Heimburg, CEO of Preem.
“Our Supply & Refining segment yet again delivered a strong contribution to our overall result. It can mainly be attributed to international refining margins, a strengthened US dollar also contributed in a positive way.”, Magnus Heimburg, continues.
“Our Marketing & Sales segment reported a weaker result in comparison to the corresponding quarter previous year, primarily due to lower margins and volumes in line with last year.”, Magnus Heimburg, concludes.