JT GRUP OIL, fuel distributor and sole developer of JT Terminal, the newest private terminal for liquid petroleum products, reports a turnover of 108 million lei in the first half (H1) of 2024, a moderate increase compared to the first half of the year last. Most of the turnover is obtained from the distribution of fuel on the domestic market, the company increasing its sales volume from 15.7 million liters to 17.9 million liters in the first six months of the current year.
In a complex economic context, marked by significant challenges in the energy sector, JT GRUP OIL recorded a 15% increase in net profit compared to the same period last year and 45% compared to 2022, currently reaching 2, 58 million lei. The total assets managed by the Group exceeded the threshold of 143 million lei, registering an increase of 33.89% compared to the same period last year. In the same reporting period, the company’s operating expenses reached the threshold of 106.03 million lei, an increase of 2.88% from 103.93 million lei.
“In the evolution and structure of the balance sheet asset, in the first half of 2024, we observed a significant increase in the stock of goods, as a result of the intensification of the fuel supply. This strategy has been implemented to hedge against price fluctuations in view of the increase in excise duty and to obtain acquisition cost advantages using the capital generated through the listing. In the first six months of 2024, the policy of increasing the volume of sales on the domestic market was maintained, with the aim of increasing the company’s market share. We increased both turnover and net profit, which reached 2.58 million lei on June 30, 2024, 15% more than the previous year. Improving profitability was an essential commitment to shareholders and investors, being the direct result of the commercial policies and business strategies we implemented,” said Bogdan-Florin Aldea, President of the Board of Directors of JT GRUP OIL S.A.
During the first semester, the company made investments of approximately 19 million lei, allocated for the development and modernization of JT Terminal, the strategic project of the Group, which will increase the storage and distribution capacity of fuels, consolidating the necessary infrastructure to support the operational expansion. The terminal will become fully operational at the beginning of 2025 and will facilitate the simultaneous loading and unloading of ships, wagons and tankers, thus optimizing the supply chain by reducing waiting times in the port of Constanța. Currently, work on the terminal is progressing considerably, with two of the 1,000 ton tanks as well as three 5,000 ton tanks already completed. In addition, the company has completed 90% work on tanks four and five, each with a capacity of 5,000 tonnes. The sixth 5,000 ton tank is raised 10%.
A key moment, which facilitates the company’s access to new sources of capital to finance the expansion, was the successful listing on the AeRO market of the Bucharest Stock Exchange, following which JT GRUP OIL attracted through an initial public offering 19.9 million lei from investors, generating an anticipated market capitalization of 186.1 million lei.
Another strategic step achieved in 2024 was the increase in the number of tankers from 7 to 13, thus strengthening logistics capabilities. With the help of an expanded and modernized fleet, the company aims to optimize deliveries by reducing waiting times, guaranteeing the safe and efficient transportation of petroleum products. In addition, JT GRUP OIL consolidated its position on the bunkering market, obtaining the tax warehouse authorization for the sale of excise duty-free diesel.
“The financial performance of this first semester demonstrates our ability to adapt and innovate in a dynamic environment. We continued to invest in modern technologies and focused on expanding our customer portfolio, which enabled us to strengthen our market position and deliver sustainable long-term value. We set out to transform JT GRUP OIL into a regional leader, and the completion of JT Terminal is a major step in this direction,” adds Bogdan-Florin Aldea.
