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Neste describes 2018 as ‘outstanding’ for renewables

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Finnish fuel firm Neste has published its financial report, with its CEO Peter Vanacker describing the year of 2018 as ‘very strong’ for the company.

According to the report, Neste posted a €320 million increase in comparable operating profit from 2017 which it outlines as a record-high.

Regarding its Renewable Products division, Neste claimed that its sales margin was significantly higher compared to 2017, with the retroactive US Blender's Tax Credit decision for 2017 supporting its first quarter result.

The division’s full-year comparative operating profit was €983 million.

“Renewable Products posted an outstanding full-year comparable operating profit of EUR 983 million (561 million),” said Vanacker on the Renewable Products division.

“Our comparable sales margin was significantly higher than in 2017, and had a positive impact of EUR 512 million on the comparable operating profit. Additionally, the retroactive US Blender's Tax Credit decided for the full year 2017 had a positive impact of EUR 140 million on the comparable operating profit in the first quarter.

“Sales volumes were 2.26 million tons in 2018, approx. 12% lower than in previous year, as a result of the scheduled maintenance activities at the Rotterdam and Singapore refineries. During 2018 approximately 72% of sales volume went to Europe and 28% to North America. Implementation of the renewables growth strategy continued successfully during 2018.

“As an example, the share of 100% renewable diesel delivered to end-users increased from 25% to 30% of total volumes in full-year 2018. Feedstock mix optimization continued, and the average proportion of waste and residue inputs increased to 83%. In 2018, Neste also acquired the share majority of IH Demeter B.V., a Dutch trader of animal fats and proteins.”