Massimo Moratti, CEO of Saras
Saras finds profit
Saras closes the first quarter of the year with a reported net result positive for 76.6 million eurosagainst a loss of 23.8 million in the first quarter of 2021in sharp increase despite the low throughputs in the quarter and against the high oil prices and diesel refining margins recorded starting from the end of February. Reported Ebitda stood at 156.3 million, with a jump of 477%. Comparable net profit is positive for 13.3 million eurosagainst a loss of 47 million in the first three months of 2021.
Revenues amount to 2.95 billion, up 81%. The net financial position is negative for 445 millionsubstantially in line with the end of 2021. The company expects to be able to achieve an average annual premium in 2022 compared to the Emc Reference margin of between 6 and 7 dollars per barrel.
In recent days, as reported by Soccer & Financean agreement was signed for a credit line guaranteed at 70% by Sace from 312.5 million euros. The disbursement will take place in a single solution and the repayment plan provides for a pre-amortization period of 36 months And a repayment in 12 quarterly installments constant starting from 30 June 2025 and until 31 March 2028, the expiry date of the loan.
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