Economic|Interim reports
In the last quarter of the year, traditional oil refining again produced higher profits than the production of renewables.
Energy crisis pushed fuel manufacturer Nesteen to a record result last year. In terms of EBITDA, the result was CEO Matti Lehmus according to the best ever.
The company’s comparable EBITDA for the whole year was 3.54 billion euros, while the previous year the amount was 1.92 billion euros. EBITDA describes the company’s actual operating profit before depreciation, financing items and taxes.
“The result of all our businesses improved in 2022,” says Lehmus in the results announcement.
In the latter half of the year, traditional oil refining was an exceptionally profitable business for Neste and produced the largest part of the result. In October–December, the comparable EBITDA of oil refining was 450 million euros, while the refining of renewable fuels produced a comparable EBITDA of 415 million euros.
Record result also means a bigger dividend pot for the owners. The company’s board proposes that no more than 1.17 billion euros will be distributed to the owners from last year’s result. Last year, the dividend pot was 630 million euros.
The board proposes that a maximum of EUR 1.52 per share be distributed. This consists of an actual dividend of 1.02 euros and two additional dividends of 0.25 euros.
A year ago, the dividend was EUR 0.82 per share.
#Interim #reports #Neste #forged #record #result #fossil #fuels #dividend #doubles
