Domestic oil, gas and chemicals group OMV continues to benefit strongly from high oil and gas prices. Profits also bubbled up in the third quarter. The company posted a quarterly profit before tax of 3.3 billion euros, more than threefold compared to the third quarter of the previous year.
The partially nationalized company more than doubled its sales and profits in the first half of the year, with consolidated sales increasing 124 percent to 30.6 billion euros. After nine months, OMV now has a profit before tax of 9.1 billion euros. Earnings per share rose after nine months from 4.76 to 10.18 euros, the company ATX announced on Friday.
From January to September of this year, OMV generated a turnover of 48.8 billion euros, an increase of 115 percent compared to the first three quarters of 2021, when turnover amounted to 22.2 billion euros. Operating profit before exceptional items (adjusted for storage effects) rose to 9.1 billion euros in this period, an increase of 129 percent.
As OMV explains in the quarterly report, continued or increased disruptions in Russia’s supply could lead to a further rise in European energy prices.
Special dividend for shareholders
The currently exceptionally high profits prompted OMV’s board of directors on Thursday evening to propose a special dividend of 2.25 per share to shareholders. Of the total of EUR 736 million, the state holding company ÖBAG will receive approximately EUR 232 million and the State Investment Fund of Abu Dhabi (Mubadala) will receive EUR 183 million.
Source: Krone
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