In the July-September quarter, Ancap balanced in the monopoly market with a profit of US$ 6 million, while which resigned income for US$ 197 million so far in 2022 for selling below the Import Parity Price (PPI), which is calculated monthly by the Regulatory Unit for Energy and Water Services (Ursea).
The largest subsidy in the sale of fuel to the public occurred in the accumulated January-September rate for diesel (US$ 76 million), surpassing by US$ 7 million the historic supergas subsidy (US$ 72 million). In the case of Super gasoline, Ancap resigned income of US$ 37 million for selling below the theoretical import price.
The Ancap Group as a whole (with its collateral companies) reached a profit of US$ 143 million accumulated for the year to September, as reported by the oil entity in a workshop with journalists led by its president, Alejandro Stipanicic, and the manager from the economic-financial area, Gustavo Mayola.
The contribution of the non-monopolistic businesses had a profit of US$ 74 million. The Distribuidora Uruguay de Combustibles (Ducsa) posted a profit of US$23 million, and the group of other companies in the group report a positive result of US$21 million.
The result of Grupo Ancap includes a financial result of US$39 million, mainly due to the appreciation of the Uruguayan peso, profits from sales to UTE for generation in the local market for US$15 million (practically all in the first quarter), results from currency hedging of US$ 10 million and income tax of US$ -30 million.
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Since July of this year, Ancap has carried out forward operations (exchange hedge) with local banks to mitigate the negative effect that an increase in the exchange rate could have on the company’s financial flow. To date, 20 forward contracts have been completed for a total of US$ 117 million, the entity reported.
The workshop also highlighted that the significant refining margin allowed the Executive Branch to moderate the impact of international prices without harming the economic result of Ancap’s main activity.
In this line, it was reported that from September 2023 Ancap will have to import some 800,000 m3 of fuels, due to a planned maintenance stoppage at the refinery, which will last four months. During this period, the refining margin observed to date will not be generated.
