Greece-based refinery and petrochemical concern Helleniq Energy Holdings S.A. on Thursday reported adjusted 2023 EBITDA of 1.237 billion euros and adjusted net Income of 606 million euros, with sales of 12.803 billion euros, compared to 14.508 billion euros in 2022

Net income was 477.73 million euros in 2023, compared to 889.5 million euros in the previous year, 2022.

According to a press release by the ATHEX-listed group, “results were mainly driven by strong international industry backdrop, higher refinery availability and increased exports, improved performance from our international portfolio as well as higher contribution from RES.”

The group’s board of directors will propose to the annual general meeting a distribution of a final dividend of 0.60 euro per share, added to an interim dividend of 0.30 euros per share, which has already been distributed. As a result, the total FY23 dividend is 0.90 euros per share. Using the 2023 year-end share price, the total dividend represents a higher than 12% dividend yield.

In commenting on the results, Group CEO Andreas Shiamishis said the group “concluded 2023 as yet another successful year, with the first phase of the Vision 2025 strategic plan almost completed and having a positive impact in terms of operational performance and profitability. Following the unprecedented and exceptional highs of last year, 2023 results, albeit lower than last year, are still very good and the qualitative analysis supports an optimism about the next few years.

“Initially, a substantial portion of the 2023 profitability was driven by improvements in the Company’s operations and the execution of the strategic transformation program and operational excellence. These are factors that are more controllable and predictable than a volatile international commodity.”