Ancap presented this Friday the results of the company corresponding to the first semester of 2022. Between January and June, the entity registered profits in the monopoly market —regulated by the Import Parity Price (PPI)— and also in the non-monopoly segment. It was also seen favored by the appreciation of the Uruguayan peso against the dollar.
What do the numbers say?
For the first time since the implementation of the PPI, Ancap’s monopoly market gave a profit of US$ 12 millioneven though the entity forfeited income in the period for US$ 130 million due to the tariff adjustments resolved by the government being below the import parity price.
Meanwhile, there were profits from sales to other markets and businesses, which amounted to US$ 43 million.. This includes, for example, exports, bunkers and pulp mills, among others.
According to the presentation of the balance, Ancap closed the semester with a positive operating result of US$ 82.5 million. To this was added a positive financial result of US$ 57.5 million. Meanwhile, the companies related to the group contributed profits of US$ 12 million, and posting another US$ 24 million as a result of income taxes, the global result was positive by US$ 128 million.
In the first half of the year they played in favor refining margins that were at historically high levels around the world. The maximum difference between the price of derivatives and the price of crude oil was in June and amounted to US$59 per barrel for diesel and US$47 per barrel for gasoline. This trend occurred in a context of greater demand at a global level, with supply restrictions and the uncertainty of the war that moved both the price of crude oil and its derivatives to rise. Already in August, international refining margins showed declines, and the evolution will depend, for example, on what happens in the European winter with the availability of Russian natural gas.
“This transferred to the theoretical refining margin in Uruguay is what allowed Ancap to cede part of its income so that fuels were below parity. When others collected a lot of money in the piggy bank, we couldn’t do it. But with the work we are doing with Economy and OPP we have the fine tuning of the box, “said the president of the entity Alejandro Stipanicic during a workshop with journalists.
“The box is very controlled,” said the chief, and assured that “each monthly adjustment” takes into account the projection that the company has of its finances in a horizon of two to three months. “In that sense it is under control and we don’t see any obstacles in the coming months,” he insisted.
During the first semester, if Ancap had sold the fuels to PPI Ursea, it would have had a refining margin of US$177 million. However, the entity ended up resigning only US$ 51 million in diesel. That gap even exceeded bottled supergas, which stood at US$46 million.
Exchange rate hedge
In the first half of the year, the result from exchange rate hedging was $11 million. Until May, a contract with the Central Bank (BCU) was in force. And since mid-July, NDF (Non Delivery Forward) operations began to be tendered with private banks. To date, 11 contracts have been finalized for a total of US$ 52 million at terms of 6, 9, 12 and 24 months. Foreign banks have also quoted in the tenders carried out.
