Greek refiner Motor Oil doubles nine-month net profit (updated)

Motor Oil (Hellas) Corinth Refineries

19/11/2025 17:09

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Nov 19 (Reuters) - Greek refiner Motor Oil MORr.AT reported a sharp rise in nine-month net profit on Wednesday, boosted by stronger third-quarter refining margins and an insurance payout after a fire at its Corinth refinery.

The group posted net profit of 453.2 million euros ($523 million) for the January-September period, up from 224.1 million euros a year earlier.

Motor Oil said it booked 244 million euros in insurance proceeds during the period, including 211 million euros for business interruption and 33 million euros for asset-related damages after last year’s fire.

The Corinth refinery is Greece's second largest and accounts for more than a third of the country's refining capacity.

Revenue dropped to 8.48 billion euros, compared with 9.37 billion in the same period last year. Refining remained the largest contributor, generating 4.31 billion euros in sales, while fuel marketing added 3.46 billion euros, it said.

Net debt increased to 1.89 billion euros by the end of September, up from 1.73 billion euros at the end of 2024, largely because of investments in renewable energy projects and expansion of its retail network.

Despite the rise, Motor Oil's gearing ratio improved to 0.59 from 0.63, supported by higher equity.

($1 = 0.8664 euros)

 (Reporting by Antonis Pothitos;
Editing by David Goodman and Emelia Sithole-Matarise)

 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))