The Cyprus fuel sector experienced a notable 9.7 per cent increase in total sales during July 2023 in comparison to the same period in 2022, according to a report released this week.

This boost can be primarily attributed to the rise in mazut sales. However, over the course of the first seven months of 2023, total petroleum product sales faced a marginal decline of 0.5 per cent in contrast to the corresponding period last year.

Simultaneously, the overall petroleum product inventories witnessed an impressive 15.2 per cent rise by the end of July 2023 when compared to the close of the previous month.

Data provided by the Statistical Service reveals that the cumulative sales of petroleum products reached 128,527 tons in July 2023, up from 117,170 tons in July 2022.

The rise in demand was particularly evident in aviation fuel supplies, which saw an increase of 16.2 per cent, as well as in sales of both light and heavy mazut, marking a surge of 55.6 per cent and 33.6 per cent respectively. Asphalt sales also noted a notable 20.0 per cent increase, accompanied by gasoline at 8.9 per cent and diesel at 5.4 per cent.

Conversely, a decrease was recorded in ship-based petroleum supplies, with a decline of 47.7 per cent, and kerosene sales, which experienced a drop of 35.4 per cent.

Regarding sales specifically from petroleum product stations, these establishments showcased an 8.6 per cent increase, amounting to 56,316 tons, as confirmed by the Statistical Service. Over the seven-month period from January to July 2023, these sales marked a growth of 2.3 per cent compared to the corresponding period in the previous year.

On a monthly basis, total petroleum product sales in July 2023 faced a decrease of 3.2 per cent compared to June 2023.

Notably, ship-based petroleum supplies dwindled by 47.2 per cent, and both diesel (-8.7 per cent) and gasoline (-1.8 per cent) sales witnessed declines. Conversely, aviation fuel supplies soared by 15.0 per cent.

Freedom Holding Corp., the parent company of Freedom Finance Europe, has unveiled its financial results for the fiscal year ending on March 31, 2023. During the reporting period, the portfolio company generated revenues of $795.7 million, marking a notable 15 per cent rise compared to the previous year.

The company’s revenues were primarily bolstered by a significant increase in interest income (up by 142 per cent), attributed to the expansion of its loan portfolio and the growth of bond holdings in the trading portfolio. Revenues from margin loan interest also saw an increase due to heightened trading activity by clients.

Net foreign exchange trading income surged by $48.4 million, thanks to foreign exchange sales by Freedom Bank, a subsidiary of Freedom Holding. The positive revenue momentum was further fueled by a 58 per cent increase (amounting to $115.4 million) in insurance services revenue, reflecting the company’s extended activities.

Timur Turlov, CEO of Freedom Holding Corp., highlighted the company’s remarkable achievements during the concluded fiscal year, stating, “In this period of economic turmoil, we continue to move forward confidently, demonstrating consistent financial results from our large-scale operations. The just-ended fiscal year was a year full of challenges, during which we completely halted our business activities in the Russian Federation. At the same time, the year brought significant changes that made us stronger and more innovative.”

“Having set the ambitious goal of building a digital ecosystem with a new brand, the portfolio company is working extensively, creating assets in various directions. The acquisition of the American investment bank Maxim Group LLC, along with its subsidiary Maxim Financial Advisors LLC, was one of the significant events that provided additional impetus to our exponential growth. Ahead of us lie new prospects and challenges, but thanks to the trust of our shareholders and our responsible approach to business, we are ready to further develop and remain at the forefront of the international financial market,” Mr. Turlov added.

In the same fiscal year, the company’s expenses increased by $233.7 million (72 per cent). This was a result of a rise in interest expenses of $132 million (+172 per cent), driven by the higher cost of short-term financing through repos within an expanding investment portfolio. Additionally, general and administrative expenses grew by $36.4 million, which included humanitarian aid to a charitable foundation in Ukraine. Salaries and bonuses increased by $35.5 million (+77 per cent) due to the expansion of personnel across portfolio companies.

As of March 31, 2023, the number of brokerage accounts for the portfolio company reached approximately 370,000, showing a growth of 120,000 accounts (48 per cent) compared to the previous fiscal year. Notably, there was a 79.4 per cent increase in investment accounts within the Greek market over a one-year period.

The Cyprus Stock Exchange (CSE) ended Tuesday, August 29 with profits.

The general Cyprus Stock Market Index was at 134.20 points at 14:13 during the day, reflecting an increase of 0.26 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 81.66 points, representing a rise of 0.26 per cent.

The total value of transactions came up to €266,136.

In terms of the sub-indexes, the main, alternative, investment firm indexes rose by 0.33 per cent, 0.03 per cent and 1.26 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by Hellenic Bank (+0.44 per cent), Demetra Holdings (+1.32 per cent), Petrolina Holdings (no change), Logicom Public (-1.32 per cent), and the Bank of Cyprus (+0.34 per cent).