The solid beat for the consensus (+14%) was unsurprisingly driven by strong margins across the sector. Yet margins have substantially softened in Q2, denting the quarterly profits. H2 looks better as gasoline demand is robust and crack spreads are now above diesel margins. Saras is also expanding the renewable business with €750m allocated for capex and a target to reach 1 GW in installed capacity.

29 May 2023
Q1: Profits still solid thanks to high margins, Q2 outlook bleak

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Q1: Profits still solid thanks to high margins, Q2 outlook bleak
- Published:
29 May 2023 -
Author:
Elif Binici -
Pages:
3 -
The solid beat for the consensus (+14%) was unsurprisingly driven by strong margins across the sector. Yet margins have substantially softened in Q2, denting the quarterly profits. H2 looks better as gasoline demand is robust and crack spreads are now above diesel margins. Saras is also expanding the renewable business with €750m allocated for capex and a target to reach 1 GW in installed capacity.