Italy’s Saras posts jump in Q3 core profits, announces CEO departure

(Reuters) – Italian refiner Saras said on Friday its core earnings had jumped in the third quarter thanks to the increase in oil products’ prices and crack margins as well as higher volumes, as it also revealed the departure of its current chief executive.

The group reported comparable adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) of 296.4 million euros ($294.86 million) in the three months to September, up from 2.3 million in the same period of 2021.

Saras said in a separate statement that the refiner and its CEO and General Manager Dario Scaffardi had mutually agreed to part ways, effective at the end of the month, appointing Matteo Codazzi as his successor.

(Reporting by Enrico Sciacovelli, editing Federico Maccioni)