Over the first 9 months of 2023, the KN Group grew its revenues by 13%

Stable demand for its services in both domestic and international markets, along with the successful further diversification of portfolio of activities, contributed to the KN Group's successful 9-month performance. In the first three quarters of 2023, KN Group generated a net profit of EUR 5.5 million (compared to a EUR 29 million loss a year ago), and Group EBITDA reached EUR 28 million (compared to EUR 27.2 million a year ago).
 
From January to September this year, the KN Group's revenues were 13% higher than in the corresponding period a year ago: this year, the KN Group generated revenues of EUR 63.6 million, compared to EUR 56.5 million a year ago. The Group's adjusted net profit for the first nine months of 2023 amounts to EUR 6.2 million (compared to EUR 6.3 million the previous year).
 
"Our past actions to adapt to changes in the market, our focus on operational efficiency, and our ability to respond to changes in our customers' needs ensure stable performance. We are seeing increasing demand for liquid energy products in markets both in Europe and worldwide. This contributes to the high level of refinery activity and favors us in maintaining stable cargo flows. From a regional perspective, our performance is influenced by both the high utilization rate of Klaipėda LNG infrastructure and returns on international LNG activity," says Darius Šilenskis, KN CEO.
 
The performance of the liquid energy terminals was mainly driven by increased domestic demand for oil products, particularly diesel and gasoline, as well as stable demand for biofuels. Tank truck handling also grew significantly, with volumes up 10% year-on-year. Additionally, KN Group continued transhippment and storage of diesel for Ukrainian needs, efficiently utilizing the leased infrastructure of the Marijampolė terminal. The successful diversification of its portfolio of activities resulted in the EBITDA of the Liquid Energy Products segment in the first nine months of the year being EUR 8.3 million, or 37%, higher than in the corresponding period a year earlier.
 
The Klaipėda LNG terminal continued to maintain a high level of occupancy compared to other terminals of this type in Europe. In the first 9 months of this year, the Klaipėda LNG terminal regasified and transshipped 26.5 TWh of natural gas, which is 16% more than in the same period a year ago. With the introduction of cost-based pricing for the LNG terminal in 2022 and the allocation of long-term capacity, Klaipėda LNG terminal collects about half of its revenues this year from customers abroad.
 
In the first nine months of this year, the commercial LNG segment's revenues were more than a third (35%) higher compared to the 9M 2022 result. The Commercial LNG result is significantly boosted by services provided to LNG terminals in Brazil, Germany, and consulting clients in Italy.
 
"Alongside our business performance, we set ourselves targets for operational excellence and sustainability, anchored in our long-term strategy. We are focusing on initiatives to control emissions, with an ambitious target to reduce emissions from our direct operations by at least 30% by 2030. Compared to 2022, emissions at liquid energy terminals have decreased by 9% this year. We are also focused on comprehensive operational safety, and we are pleased to have achieved more than 250 days without Lost time incidents. Operational excellence, sustainability, and occupational safety will continue to be high on KN's agenda in the future," says the KN CEO.