Petrotec unveil 2013 company results

Petrotec, a European producer of waste-based biodiesel predominantly from used cooking oil, has revealed an increase in both sales and earnings during the first half (H1) of 2013.

It reports group sales of €96.9 million ($128.8 million), up 25.8% compared with the figure from the same period last year. The company also generated an operating profit €3.7 million compared to €900,000 in 2012.

Its Earnings Before Tax jumped to €2.8 million when contrasted to €100,000 the previous year, while earnings per share went up to €0.11 in H1 2013.

‘These strong financial results were fueled by an increasing demand for our sustainable waste-based biodiesel leading to an increase by 32% in sales compared to H1 2012 to a total of 87,000 tonnes of biodiesel sold in H1 2013,’ Petrotec said in a statement. ‘Improvements in production capacity utilisation, up 15% to 77% in H1 2013, and logistics processes supported this growth.’

As of 30 June, total assets for 2013 declined by €3.6 million to €55.7 million. Petrotec put this decline from year end 2012 primarily due to the decline in inventories by €5.9 million.

‘Trade receivables increased significantly by €5 million to €14.9 million, which is primarily caused by the strong revenue achievement during the first six months,’ the statement read.