Ecopetrol reaches a profit of 3,882 million euros in the first half of the year

During the first six months of 2022, the Colombian oil company achieved a net profit of 17 billion pesos, equivalent to 3,882 million euros

The Colombian oil company Ecopetrol recorded a net attributable profit of 17 billion Colombian pesos (3,882 million euros) during the first six months of the year, which means multiplying by more than two the result obtained during the same period of the previous year and allows it to exceed the benefits of the 2021 financial year, according to the company’s quarterly results report.

The company has justified these results in an environment of favorable prices and a “great effectiveness” of the commercial strategy in capturing the differentials of the products. Likewise, there has been an upturn in sales volume, “historic” refining margins and management that has mitigated inflationary pressures.

In terms of billing, the revenues of the state-owned company amounted to 76.3 billion pesos (17,393 million euros) during the reference period, twice as much as in the first half of 2021. On the other hand, the costs associated with sales they grew by 86.9 %, to 41 billion pesos (9,340 million euros).

The company’s president, Felipe Bayón, has particularly highlighted the performance of the refining segment, which consolidated “historic operating and financial results in the quarter”, as a result of high operational availability, active inventory optimization and “successful” commercial strategy for products and petrochemicals, among other factors.

On the other hand, the gross operating result (Ebitda) grew by 116.3 %, reaching 38.1 billion pesos (8,676 million euros), with a margin of 49.9 %, which implies an increase of 1.8 points compared to the first half of 2021.

Regarding the results recorded between April and June, the company recorded a profit of 10.47 billion pesos (2,385 million euros), almost triple that of a year earlier; while turnover increased 125.7 %, to 43.8 billion pesos (9,991 million euros).

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Source: dpa

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