Motor Oil (Hellas) SA reported a net profit of €163.4 million for the first half of 2025, even as revenue fell sharply on weaker refining volumes and lower oil product prices. Group revenue came in at €5.27 billion, down 15.6% from €6.24 billion a year earlier.
Sales volumes dropped 11.2% to 6.26 million metric tons, while average oil product prices slid 13.6% in dollar terms. A slight 1.06% appreciation of the euro against the U.S. dollar also weighed on results, as most of Motor Oil’s exports are dollar-denominated.
The decline stemmed largely from reduced refinery availability after a September 2024 fire damaged one of the company’s two crude distillation units. The affected unit was brought back online in August 2025, with first-half refinery utilization exceeding 80% of total capacity when alternative fuel processing was included.
Motor Oil maintained its export-driven profile, though the share of international and shipping sales fell to 71.6% of total volumes in H1 2025, from 77.7% a year earlier. Industrial activity contributed 81.8% of consolidated volumes, compared with 87.2% last year.
For the parent company alone, exports including shipping accounted for 73.1% of volumes, down from 82.4% in H1 2024, while industrial activity made up 88.5%, versus 96.4% a year earlier.
The group also booked service revenue from subsidiaries including NRG Supply & Trading, MORE, Thalis Environmental Services, and HELECTOR, with additional income from third-party product storage and related services.
