Neste reports ‘solid performance’ in second quarter

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Neste released its latest financial results for the first half of this year and reported a solid performance in its renewable products portfolio.
The company added that the Porvoo refinery turnaround has now been completed.
The company’s renewable products segment posted a comparable operating profit of €287 million for the second quarter down from €314 million during the same period of last year.
Peter Vanacker, president and CEO of Neste, said that the company’s renewable products business segment continued to be resilient during the first half of the year.
He said: “Neste had a solid performance during the second quarter. Renewable products continued to be resilient and was able to maintain a healthy sales margin.
“Oil products' second quarter was characterised by the scheduled Porvoo refinery major turnaround, which was safely and successfully implemented in very challenging pandemic conditions.
“Marketing and services performed very well with gradually recovering sales volumes. A weaker US dollar had a negative impact of €45 million on the group’s comparable operating profit year-on-year. Our ROACE over the last 12 months was 15.6%, and we had a leverage ratio of 7.7% at the end of June.”