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GP Petroleums’ profit before tax increases eight times to Rs 7.12 crore in Q1

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Mumbai, Aug. 5 : GP Petroleums Ltd, one of the leading manufacturers of industrial lubricants in India and a part of Gulf Petroleum Group, today reported an eight time increase in profit before tax to Rs 7.12 crore for Q1 FY2015-16, compared to Rs. 88.9 L reported in Q1 FY2014-15.

The company reported an increase of 8.5 percent on EBIDTA that rose to Rs 9.62 crore compared to Rs 2.88 crore. The gross margin has increased by 9.6 percent indicating the operational efficiency driven by new management post acquisition.

“The past year has been a momentous one for everyone at Gulf Petrochem. The acquisitions fit our strategy to enhance the company’s integrated proposition and extend its capabilities to manufacture, supply and globally distribute a wider variety of products. We recently renamed Sah Petroleum Ltd to GP Petroleums Ltd to unfurl a new chapter in the group’s business in India,” said S. Thangapandian, Executive Director, Gulf Petrochem, while speaking on the results.

“Our Q1 performance reflects our turnaround journey. Our strategic vision incorporates better performance & profitability of the company in the near future. The coming year paves the landscape for new businesses that we are targeting.” said K. Murali, CEO, GP Petroleums Ltd.

Recently, GP Petroleums Ltd formed a strategic partnership with Spain’s No 1 petroleum company “Repsol” to exclusively manufacture and market Repsol’s superior and comprehensive line of premium quality lubricants across India.

GP Petroleums Ltd has been specializing in designing, manufacturing and marketing, Industrial and Automotive Lubricants, Process oils, Transformer oils, Greases and other specialties under the brand name IPOL in India and overseas for more than three decades.

With trading offices across four continents, Gulf Petrochem is in the perfect position to maximize value from the IPOL brand and market over 400 products in countries outside the Indian sub-continent.

Gulf Petrochem Group is a leading player in the oil industry, specializing in Oil Trading and Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping and Logistics.

Headquartered in United Arab Emirates, and having a presence in South Asia, the Far East Asia, Africa and Europe, Gulf Petrochem has emerged as one of the well-established manufacturers and traders of petroleum products in major parts of the world. (ANI)