ENAP Assets Continued to Improve & Increased to $769M

Source: www.gulfoilandgas.com 10/28/2016, Location: South America

ENAP net income of US $ 105 million for the third quarter of 2016, EBITDA of US $ 531 million and increased its assets to US $ 769 million. This, thanks to greater efficiency and better management in its processes, which has allowed reaching a record EBITDA margin of 13.8%, even better than the 13.4% achieved the previous year.

These results are part of a complex international context that is maintained since late 2014, with high negative impact on the industry, a result of a 24% drop in the price of crude to September this year compared to the same period 2015, and with drastic decrease in international fuel margins in 2016 compared to 2015, the latter as a result of an oversupply of refined products internationally.

The General Manager of ENAP, Marcelo Tokman said that "in a more adverse international context, ENAP continues making profits, strengthening its financial position and recovering their assets. Our commitment is to be effective in controlling internal variables to deal with a complex external scenario ".

Part of the measures it has implemented the administration of the company are to reduce costs in all business units (where highlight the savings in energy costs) and increase the production of more valuable fuels such as gasoline, diesel and kerosene.


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