Preem Holding faced ongoing global geopolitical tensions, macroeconomic, and regulatory uncertainties during the fourth quarter. Despite these challenges, Preem Holding concluded the year with a solid financial performance, showing a recovery compared to the previous quarter.
Key Figures in summary, October-December 2024
- Sales for the fourth quarter of 2024 amounted to SEK 31,266 million compared to SEK 31,483 million for the fourth quarter of 2023.
- Adjusted EBITDA* totaled SEK 682 million for the fourth quarter of 2024 compared to SEK 1,861 million for the same period last year.
- Net profit amounted to SEK 426 million for the fourth quarter 2024, compared to SEK -1,668 million for the same period 2023.
- Cash flow from operating activities, before changes in working capital, for the fourth quarter of 2024 amounted to SEK -111 million compared to SEK 509 million for the same period 2023.
- Net financial items for the fourth quarter of 2024 amounted to SEK -223 million compared to SEK -184 million for the fourth quarter of 2023.
- Total liquidity** amounted to SEK 16,191 million by December 31, 2024, compared to SEK 19,433 million by December 31, 2023.
Key Figures in summary, Full year 2024
- Sales for the full year of 2024 amounted to SEK 130,765 million compared to SEK 137,711 million for the corresponding year.
- Adjusted EBITDA* totaled SEK 4,520 million for the full year of 2024 compared to SEK 12,450 million for the same period last year.
- Net profit amounted to SEK 995 million for the full year of 2024, compared to SEK 5,971 million for the same period 2023.
- Cash flow from operating activities, before changes in working capital, for the full year of 2024 amounted to SEK 1,966 million compared to SEK 11,424 million for the same period 2023.
- Net financial items for the full year of 2024 amounted to SEK -771 million compared to SEK -898 million for the full year of 2023.
- Total liquidity** amounted to SEK 16,191 million by December 31, 2024, compared to SEK 19,433 million by December 31, 2023.
Magnus Heimburg, CEO of Preem, comments:
- After two years of extraordinary results in the sector, we saw a gradual normalization of the European market for refined products in 2024. We have, however, been able to deliver a stable result and we ended the year with a strong liquidity position, enabling us to continue to progress in our transition journey.
- Our Supply & Refining segment reported an adjusted EBITDA of SEK 680 million for the fourth quarter of 2024, down from SEK 1,917 million same period last year. Pressure on international margins, particularly for diesel and renewables, has had a negative effect on results. The result was also negatively impacted by the Synsat unit being out of operation during the quarter.
- In our Marketing & Sales segment, the demand for fuel products remained solid. Sales volume for diesel and gasoline combined increased by 4% during the quarter compared to the same period last year.
- We continue to see strong demand for Preem HVO100 across multiple markets. As a result, we have reached a new sales record in Sweden, by having sold 10,864 cubic meters of HVO100 in December and in total 31,350 cubic meters during the fourth quarter, compared to 7,175 cubic meters during the same period last year, states Magnus Heimburg in his closing remark.
*Adjusted EBITDA - defined as EBITDA adjusted for inventory gains/losses, exchange rate translation differences and for net gain/loss on oil derivatives valued at fair value and excluding the write off of the VDU unit in Lysekil.
** Total liquidity - Cash and cash equivalent and undrawn committed facilities.
Read the complete interim report for the third quarter here.