Get news on Viber
When a stock consistently rises, there is a reason behind it. When a certain company is declared a giant in its field, it is not accidental. The large shareholder companies from the stock index MBI10 show that they know how to work, and how this results in excellent profitability. This is evident now, as companies are sending their reports for the six-month performance of this year to the investing public through the Macedonian Stock Exchange.
Many were expecting the success balance of the oil giant “Makpetrol”, and there were
Financial Performance Report for the First Half of the Year
The company reported a pre-tax profit of nearly 8 million euros and a net profit of 7.2 million euros in the first half of this year. This represents a 42% increase in profit compared to the same period last year.
Explanation of Financial Results
In their financial report, the company outlines the factors that contributed to this excellent profit growth. They have managed to achieve this significant increase in profit under challenging conditions in the first half of the year.
The Challenges Faced by the Country
The economy of the country is currently facing a difficult situation due to slow growth, high inflation, political challenges, and external global uncertainties and conflicts.
The Resilience of ‘Makpetrol’
Despite the challenges posed by the local and global environment, ‘Makpetrol’ has managed to continuously supply the Macedonian market with high-quality petroleum products and natural gas, thanks to the dedication and commitment of its management and employees.
Impressive Revenue Growth for Makpetrol in the First Half of the Year
In the first six months, Makpetrol, a leading oil company, reported total revenues of an impressive 234 million euros, representing a 3.47% increase compared to the same period last year.
Revenue Structure
The majority of the revenues, 98.7%, came from sales, with 97.5% generated from the domestic market and only 1.2% from exports of jet fuel to foreign markets.
The company attributes the revenue growth mainly to increased sales compared to the previous year.
Retail Revenue Increases Due to Market Leadership
A major reason for the increase in retail revenue is the leadership position of the retail market in derivatives where there was a 10.1% increase in sales revenue. The company expanded the retail assortment offered at gas stations, leading to a 17% increase in sales.
Decrease in Wholesale Revenue
In contrast, revenue from the wholesale segment decreased by 33.4%, primarily due to reduced sales of aviation fuel and natural gas.
Company Reports Increase in Expenses
On the expenditure side, total expenses amount to 226 million euros, which represents an increase of 2.49% compared to the same period last year.
“The growth is mainly due to increased expenses for the purchase value of goods by 1.97%, due to increased sales volume of petroleum derivatives compared to last year,” explained the company.
The expenses for the purchase value of goods, or procurement prices, are expenses over which the company has limited influence. This is due to the regulation of most of the procurement costs.
Oil Prices Rise
Oil prices have increased significantly in the past year, leading to higher profits for oil companies. This has resulted in “Macpetrol” ending the first half of the year with a profit before tax of 7.9 million euros, a 42.71% increase from the previous year. After paying corporate taxes, the net profit was 7.2 million euros.
Increased Costs
One notable increase in costs is related to employee salaries, which have gone up due to both an increase in the number of employees and the minimum wage. This is reflected in the company’s financial statements, showing a rise in expenses related to salaries.
Employee Benefits and Rewards Increase
The total amount spent on employees in the company has increased to 13.7 million euros, which is a growth of 7% compared to the same period last year.
Insurance Premiums and Employee Rewards
Insurance premiums have also seen a significant increase due to voluntary private health insurance, which covers all employees. In June, employees received rewards, with nearly two million euros being distributed from the annual profit for 2023. In July, following a decision by the Board of Directors, employees were paid a holiday bonus of 42,000 denars per employee, with the company investing 1.46 million euros for this purpose.
Throughout 2024, the company plans to continue providing benefits and rewards to its employees to ensure their satisfaction and motivation in the workplace.
Investing in Growth
Macpetrol continues its strong investment cycle, pouring over 2.6 million euros into both the reconstruction and construction of new retail and wholesale facilities.
Financial Stability
By the end of the first half of 2024, the company has no short-term or long-term debts, showcasing its financial stability.
Positive Financial Impact
A positive net effect is observed from the financial revenues and expenses of the Company due to excellent liquidity, reduced interest costs, and increased investment returns,” explained Macpetrol.
Oil Industry Report
Information from the oil industry report suggests that Macpetrol is thriving financially and making strategic investments for future growth.
Exciting Investment Opportunities
A company has discovered a very interesting opportunity, which involves investing in long-term securities issued by countries that offer attractive returns.
Company Growth
In addition, there is another positive development as the company has welcomed 157 new employees this year.
Outlook for 2024
“The expectations for the business year 2024 are in line with the Company’s Operating Plan, which is expected to be achieved, and even exceeded,” emphasized by the company.
