Motor Oil Group on Tuesday reported an increase in operating and net profits in the first quarter of 2023. Net profits jumped 20% to 237 million euros in the January-March period this year compared with the corresponding period in 2022, turnover rose 2% to 3.3 billion and operating profits rose 25% to 397 million euros.

The company said this performance was achieved despite a drop in fuel volume sales by 5.2% in the first three months of the year, reflecting a 33% drop in heating oil sales. On the other hand, petrol sales rose 6%, diesel was up 4%, and aircraft fuel jumped 25%. Electricity power sales and prices were also down in the first quarter.

Motor Oil will pay an 1.60 euro per share dividend to shareholders.