Essar Oil announces improved six month figures following testing trading period
Essar Oil UK said its six month results to March 31, 2022, “improved significantly” in comparison with the previous reporting period.
The results cover the six months to March 31, 2022, following the decision by the group to align its reporting period with the smallest and largest group into which these accounts are consolidated.
The comparative figures are for the year to September 30, 2021.
Essar owns the former Shell oil refinery at Stanlow, in Cheshire, and employs more than 700 staff.
Its results show revenues of $4.942bn in the six month period. In the 12 month period to September 30, 2021, total sales were $7.32bn.
A pre-tax loss of $63.1m was recorded in the six month period, against a $321.3m loss in the 12 month figures.
Operational EBITDA improved to $78.7m in the six month period, compared with a loss of $166.6m in the prior 12 month period.
Essar said crude throughput at the refinery 32.72 million barrels during the six month reporting period.
On a like for like pro rata basis for a 12 month period, throughput during the year was 65.44 million barrels, compared with 62.58 million barrels in the preceding 12 month period.
At the period end, the group had net assets of $230.6m, against $285.5m in 2021.
During the pandemic demand for oil plummeted with industries and the aviation sector virtually shutting down.
The group was forced to find millions of pounds in fresh funding to guarantee its survival.
However, the group is now embarking on a diversification strategy and last November announced plans to build a £360m carbon capture plant at the Stanlow refinery.
The company is investing more than £1bn into a range of energy efficiency, fuel-switching, and carbon capture initiatives, designed to decarbonise its production processes significantly by 2030 and put Essar at the forefront of the UK’s shift to low carbon energy.
