BAKU, Azerbaijan, April 25. Enilive reported a pro forma adjusted Earnings Before Interest and Taxes (EBIT) of 178 million euros in 1Q2024, Trend reports.
According to the company, this marked a notable 29-percent increase compared to the same period in 2023 (138 million euros). This surge in performance is attributed to enhanced asset optimization strategies, Eni explains.
Furthermore, within the biorefining sector, Enilive achieved a doubled throughput, driven by capacity expansions and higher utilization rates. This growth was further bolstered by effective pre-treatment of challenging feedstock. Despite margin pressure stemming from spot HVO prices in the EU and lower RIN prices in North America, Enilive's biorefining segment maintained resilience.
Meanwhile, the marketing division delivered steady results, benefiting from heightened demand, particularly in wholesale sectors such as jet fuel and gasoil. Additionally, the valorization of captive demand contributed positively to overall performance.
Thus, Enilive's pro forma adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) amounted to 250 million euros in 1Q2024 - up by 27 percent, compared to 1Q2023 (197 million euros). The company has confirmed its guidance for the year at 1 billion euros.
Looking ahead, Enilive is strategically positioned to capitalize on anticipated demand growth in the second half of 2024. This growth is expected to be sustained by the implementation of new obligations in the Netherlands, potential impacts of EU anti-dumping regulations, and stricter policies in California.