The new name of ELPE which is expected to be approved by the general meeting of shareholders is “HELLENiQ ENERGY”
Name change, record results, and completion of the sale of DEPA Infrastructure, brings the balance of 2022 for the group of Hellenic Petroleum. The strong results as well as part of the proceeds from the sale of the subsidiary on the one hand will give a boost to the dividend of the year, on the other hand as mentioned by the group’s managing director Andreas Siamisiis during the analyst briefing, they will also finance the acceleration of investments in RES so that the targets set for 2025 and 2030 (1 and 2 gigawatts respectively) can be reached earlier.
The new name of ELPE proposed and expected to be approved by the general meeting of shareholders convened for September 20 is “HELLENiQ ENERGY”. According to group sources, it symbolizes the maintenance of Greek-centric activity, the transition to intelligent energy and the expansion of activities from oil to energy as a whole. In September, the new corporate identity (logo) of the group will be presented.
In regards to Resultsthe second quarter of 2022 announced last week was the best in the group’s history as a result of the combination increased demand for fuel and high refining margins. The results were achieved despite the fact that the Elefsina and Aspropyrgo refineries were out of operation for a long time, for maintenance reasons. Mr. Siamisiis predicted year – a record for the group noting however that the performance of the second quarter is not expected to be repeated (comparable operating profit of 535 million euros, from 79 million in the corresponding quarter of 2021 and comparable net profit of 367 million from 7 million last year).
Finally, for DEPA Infrastructure, the completion of the sale to Italgas is said to be a matter of days, after the fulfillment of all the formal conditions almost a year after the declaration of the Italian company as a preferred investor. The seller together with ELPE, which owns 35% of the shares, is TAIPED which controls 65%, while the sale price amounts to 733 million euros.
RES-EMP
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