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Orlen boasted a large transfer to the state budget. The Orlen Group announced the results for the second quarter of 2023

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In the second quarter of 2023, the Orlen Group generated over PLN 4.5 billion in net profit. A year ago, it was PLN 3.6 billion. The company announced that thanks to the higher profit in the first half of this year, it paid PLN 36.5 billion in tax. This is about PLN 20 billion more than in the same period last year.

On Thursday, the Orlen Group published its consolidated financial results for the second quarter of this year. The profit in this period amounted to PLN 4 billion 544 million, compared with PLN 3 billion 683 million a year earlier, which means a year-on-year increase of PLN 0.9 billion. In the period from April to June, the group generated revenues of approximately PLN 75 billion, of which 6 percent was is the net profit. According to the concern, these proportions are at a level similar to the period before war in Ukraine.

Orlen announced its financial results

In the second quarter of this year EBITDA LIFO operating profit (operating profit increased by depreciation and amortization before taking into account the impact of changes in crude oil prices on the valuation of inventories) of the Orlen Group amounted to PLN 8.7 billion. According to the data provided by the concern, “sales at petrol stations in Poland accounted for only about 1 percent of the entire EBITDA LIFO result.”

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It was added that as a result, year-on-year decrease in the fuel margin, in the second quarter of 2023 the retail segment achieved EBITDA (operating profit before deduction of interest on liabilities) at the level of PLN 662 million, lower by PLN 35 million year on year.

As we read, the refinery segment generated an EBITDA LIFO of PLN 2.5 billion, lower by nearly PLN 3 billion quarter on quarter, of which PLN 0.5 billion was the result of the acquired Grupa Lotos. “The result achieved by this area was affected by the macroeconomic environment, as a result of, among others, a change in the structure of processed crudes, related to the departure from Russian raw material” – it was explained.

In the first half of this year, the Orlen Group generated a profit of PLN 13,653 million, compared to PLN 6,528 million a year earlier, i.e. PLN 7.1 billion more year-on-year, the concern said in a press release, emphasizing that the result was achieved thanks to consolidation with the Group Lotus and PGNiG.

The company pointed out that “increasing the scale of operations of the combined Orlen Group also means higher revenues to the state budget”. “In the first half of the year, the Orlen Group paid nearly PLN 36.5 billion, which is PLN 20 billion more than in the same period last year,” he said, quoted in the release. Daniel ObajtekPresident of the Management Board of Orlen.

Orlen about investments

Orlen assured that it is consistently implementing projects that are in line with the 2030 strategy updated at the beginning of this year. “One of its strongest pillars is low- and zero-emission energy. As part of the development of offshore wind energy, the company made a conditional investment decision for the Baltic Power farm, enabling the finalization of the design stage. The start of the construction phase is planned for later this year, after the completion of the financing process and after obtaining building permits.

The communiqué indicated that in the second quarter of this year The Orlen Group’s Climate Policy was published in 2017, detailing the company’s activities to achieve climate neutrality by 2050. In addition, the company, together with its license partners, received permission to develop the Orn and Alve Nord deposits on the Norwegian Continental Shelf, which are to provide approximately 0.4 bcm of natural gas per year at the peak of production.

It was also informed on expanding oil reserves Norway. “Oil supplies from Norwegian deposits have also been secured through a contract with bp. The signed contract provides for the supply of a total of up to 6 million tonnes of raw material during the year of its validity for the company’s refinery. The first oil tanker will arrive at Naftoport in Gdańsk in the third quarter of this year. ” added in the company’s statement.

The company reminded that in June a decision was made to increase the scale of expansion of the Olefins Complex at the Production Plant in Płock.

Orlen Olefinyorlen.pl

“This is a response to the growing market demand for petrochemical products, which are the basis for the production of everyday items. As a result of the expansion of the Olefin Complex, approximately 650 new jobs will be created. The investment will allow, among others, a 30% reduction in CO2 emissions per ton of product ” – we read.

Main photo source: orlen.pl

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