During the January-March quarter, Ancap lost US$ 2 million in the monopoly market of fuel sales after give up income of US$ 32 million for sales below import parity calculated monthly by Ursea. The Executive Power has taken the political decision not to transfer (until now) the entire increase that the price of oil and its derivatives have shown in the international market.
According to the data presented by Ancap this Wednesday in a workshop with the press, the Grupo Ancap obtained a profit of US$72 million in January-March, thanks to the profit of US$15 million from the non-monopoly businesses that the entity has and US$8.5 million from Ducsa (the label that distributes fuels to the 60% of the market in Uruguay).
Ancap had a positive financial result of US$40.5 million in the January-March quarter as a result of the drop in the dollar, profits from sales of diesel oil to UTE for local power generation of US$14 million (US$4 million below import parity), and a monetary hedging result of US$ 8 million.
On the other hand, the refining margins of La Teja remained at historically high levels, as occurs in other countries. For example, the difference between the price of diesel and Brent crude —which in October 2019 was US$11 per barrel— rose to US$36 per barrel in May.
“Ancap’s fiscal result is a good approximation of the financial (non-economic) result in long periods and with stable markets. In the current market fluctuation situation, it can deviate significantly from the company’s economic and financial result,” he explained. Ancap in its executive summary.
“While UTE continues to show a considerable surplus, Ancap continues to register a very important deficit that, yes, worsened in the first four months of the current year”, alerted the last monitor of the Observatory of the Economic Situation of the UCUwhich analyzed the financial situation of the two main state-owned companies using the criteria of the fiscal accounts published by the MEF.
In the case of Ancap, there were revenues of US$3,217 million and expenses of US$3,315 million, for which the result was negative by US$99 million in the months to April. However, there were dividends of US$ 2 million and a negative variation in the oil stock of US$ 52 million, which implied an improvement in its cash result. Therefore, the fiscal result adjusted for these two factors was negative by US$ 148 million, depending on the monitor.
In another order, Ancap reported that it reached a logistics agreement in the primary phase that will allow fuel shipments to be increased from Monday to Friday from 8.5 to 12 million. “This represents a significant improvement in supply logistics and operating costs for service stations,” he stressed.
