Greek refiner Motor Oil announced Wednesday that its first-half net profit plummeted 54.9% year-on-year due to reduced capacity utilization following a September 2024 refinery fire and narrowing refining margins. Insurance compensation failed to offset the related losses.

The Athens-listed group reported a net loss of 163.4 million euros ($191.3 million), a sharp decline from the 362 million euros profit recorded in the same period last year.

Group revenue fell 15.6% year-on-year to 5.27 billion euros from 6.24 billion euros in the first half of 2024, primarily due to reduced petroleum product sales volumes and lower average selling prices.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped 39.3% to 387.4 million euros, with insurance compensation contributing 150.8 million euros to the figure.

Motor Oil stated that its refinery operated at over 80% capacity during the first half, with the affected atmospheric distillation unit expected to resume operations by August 2025.

The refinery serves as Greece's second-largest refining facility, accounting for more than one-third of the country's total refining capacity.

With improving refinery equipment utilization rates and seasonal margin improvements, Motor Oil's EBITDA performance was described as "satisfactory." Capital expenditure for 2025 is projected to reach 200 million euros.