The Petrol Group, a leading Slovenian fuel company, generated a net loss of €2.7 million in 2022, the Ljubljana-based group reported on Friday.

In 2022, the Petrol Group generated a record-high sales revenue of €9.5 billion, an increase of 91 percent compared to 2021.

However, “due to high purchase prices of all energy commodities and the impact of the regulation of motor fuels and other energy commodities and the damage suffered by Geoplin d.o.o. Ljubljana (a member of the Petrol Group) due to the cut gas supplies under the Russian contract, the aforementioned increase in the sales revenue is not reflected in the adjusted gross profit which stood at EUR 393.4 million, a year-on-year decrease of 28 percent.”

The group’s EBITDA “totalled €96.3 million in 2022, a decrease of 60 percent year-on-year, primarily because of the regulation of motor fuel prices in all markets, which accounted for EUR 188.9 million, and the regulation of the prices of other energy commodities for €8.3 million.”

“The effect of the cut gas supplies was also reflected in the Petrol Group’s EBITDA, in the amount of €51.7 million.”

Due to the described unstable and uncertain business conditions, the Petrol Group generated a net loss of €2.7 million in 2022, the group reported.

Petrol expects 2023 to be a very challenging year.

This January, Petrol decided to seek damages caused by fuel price caps introduced in Slovenia and Croatia last year, demanding €56 million from the Croatian government.

Petrol said that in 2022 it paid €1.1 billion in excise duties, taxes and contributions and €20.2 million in dividends to the Slovenian budget.

The Croatian branch of the group, Petrol d.o.o., contributed €533 million in excise duties, taxes and contributions to the Croatian state budget last year, according to the press release issued on 24 January.

Petrol was the largest company in Slovenia in terms of annual turnover last year, with 3,320 employees and a wide network of more than 3,700 suppliers.

In Croatia, the company has 2,211 employees and cooperates with more than 1,500 Croatian suppliers.