Table of Contents
Preem, Sweden’s largest petroleum and biofuel producer, linked to Ethiopian-born billionaire Mohammed Al–Amoudi, Ethiopian-born billionaire Mohammed Al–Amoudi, reported revenue below $3 billion in the second quarter of 2025, amid softer demand, and lower refining volumes following a scheduled turnaround at its Gothenburg refinery.
According to its Q2 2025 financial statement, sales dropped 27.76 percent year-on-year, declining from SEK35.36 billion ($3.73 billion) to SEK25.54 billion ($2.7 billion). The decline was largely driven by weaker diesel and gasoline margins, softer demand, and lower refining volumes following the scheduled turnaround at the Gothenburg refinery.
Preem swings to deeper loss
The company also swung to a net loss of SEK887 million ($93.62 million), compared with a profit of SEK481 million ($50.77 million) a year earlier. Operating cash flow also slumped to negative SEK592 million ($55.4 million), down from SEK1.04 billion ($110.12 million) last year.
Adjusted EBITDA fell sharply to SEK694 million ($73.24 million) from SEK1.23 billion ($129.83 million) in the same period of 2024, reflecting market volatility and refinery downtime. Preem’s supply & refining segment reported adjusted EBITDA of SEK650 million ($68.63 million), down from SEK1.21 billion ($127.44 million), with volumes sliding 15 percent due to the scheduled Gothenburg refinery turnaround. Weighted refining margins held at a healthy $6.2 per barrel.
By contrast, Marketing & Sales delivered stronger results, with EBITDA climbing to SEK256 million ($27.04 million) from SEK216 million ($22.81 million), helped by higher volumes, lower fixed costs, and robust demand for HVO100 biofuel.
Renewables milestone at Lysekil amid liquidity pressures
On June 16, Preem inaugurated its Synsat facility at the Lysekil refinery, boosting renewable production capacity by about 900,000 cubic meters a year. Chief Executive Magnus Heimburg described the investment as “a landmark step” in Sweden’s low-carbon transition and said it strengthens Preem’s long-term outlook.
The launch comes as Switzerland-based VARO Energy moves ahead with its agreement to acquire Corral Petroleum Holdings AB, Preem’s parent company, marking a turning point in Sweden’s energy sector. This follows more than two years of financial strain for Preem. By June 30, total liquidity had fallen to SEK14.24 billion ($1.5 billion) from SEK18.82 billion ($1.99 billion) a year earlier, underscoring pressure on the balance sheet in a volatile global market.
Al-Amoudi rejoins top 500 as his business holdings show resilience
Bloomberg earlier this year cut Mohammed Al-Amoudi’s estimated wealth by $4 billion after the sale of Svenska Petroleum Exploration and a revaluation of gold assets. The Saudi-Ethiopian investor dropped off Bloomberg’s list of the world’s 500 richest people in May, when his net worth slipped below $6.45 billion following news of the VARO deal.
Since then, his stake in Preem has risen in value from $5.09 billion to $5.47 billion, helping lift his overall fortune to $7.95 billion on Bloomberg’s index list. As Ethiopia’s richest man, Al-Amoudi continues to wield influence through assets spanning gold mining and other industrial ventures across Africa.
