Petro Welt Technologies AG: Revenue and profit indicators in HY1 2020 overperforms the level of the same period of the previous year - but uncertainties remain

Petro Welt Technologies AG: Revenue and profit indicators in HY1 2020 overperforms the level of the same period of the previous year - but uncertainties remain

Vienna, August 18, 2020
In the first half of 2020, the Group revenue of Petro Welt Technologies AG amounted to EUR 154.0 million, up by 12.5% compared to EUR 136.9 million in the same period of 2019. This achievement was mainly due to the higher demand for stimulation and drilling services in the period from January to April 2020 before the last OPEC+ agreement on the limitation of oil production entered into force on May 1, 2020. The warm winter also contributed to the stronger operational activity of oil companies.

Thanks to the over-execution of the production program and continuing improvement of the operating discipline expressed in a decrease of the non-performing time in the Drilling and IPM segment and the restraining of administrative expenses, the Group was able to improve all its profit indicators. Thus, gross profit increased by 52% from EUR 17.5 million in the first half of 2019 to EUR 26.6 million in the first half of 2020, profit before tax reached EUR 14.5 million, up by 126.6% from EUR 6.4 million in the first half of 2019.

At the same time, due to the risk of declining volumes of work from customers in HY2 and restrictions resulting from Covid-19, as well as the possibility of further devaluation of the Russian ruble and Kazakh tenge, the forecast of the annual revenues of the fiscal year 2020 has been reduced moderately from EUR 278-285 million to EUR 275-282 million.