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2024-04-25

Pressmeddelande

Interim Report First quarter ended 31 March 2024

Preem Holding had a good start to 2024 that underscores the company’s sustained and robust financial performance over time.

Key figures in summary, January – March 2024

  • Sales for the first quarter 2024 amounted to SEK 34,596 million compared to SEK 36,845 million for the first quarter 2023.
  • Adjusted EBITDA* totaled SEK 2,307 million for the first quarter of 2024 compared to SEK 3,496 million for the same period last year.
  • Net profit amounted to SEK 1,934 million for the first quarter 2024, compared to SEK 1,720 million for the same period 2023.
  • Cash flow from operating activities, before changes in working capital, for the first quarter in 2024 amounted to SEK 1,844 million compared to SEK 2,736 million for the same period 2023.
  • Net financial items for the first quarter 2024 amounted to SEK -179 million compared to SEK -298 million for the first quarter 2023.
  • Total liquidity** amounted to SEK 17,13 million by March 31, 2024, compared to SEK 15,778 million by March 31, 2023.

    The prevalence of geopolitical unrest has become a key factor in our operational landscape. I commend the Preem organization for adeptly navigating these challenges with a high degree of professionalism and determination in our daily operations, says Magnus Heimburg, CEO of Preem.

    Our Supply & Refining segment reported an adjusted EBITDA of SEK 2,275 million for the first quarter of 2024, a decrease from SEK 3,556 million recorded during the corresponding period the previous year. This was mainly driven by more normalized margins on diesel and gasoline as well as lower margins on renewables.

    Our Marketing & Sales segment delivered a solid performance in the first quarter, achieving an EBITDA of SEK 223 million, a notable increase from SEK 163 million the corresponding quarter previous year. The increased earnings were mainly driven by higher margins within the Retail segment.

*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 and excluding the write off of the VDU unit in Lysekil.

** Total liquidity - Cash and cash equivalent and undrawn committed facilities

Read full interim report for the first quarter here.