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Results of the Orlen Group for the first quarter of 2024

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The net profit that the Orlen Group achieved in the first quarter of 2024 was more than PLN 6.5 billion lower compared to the same time last year – according to the company's consolidated quarterly report.

The net profit of the Orlen Group for the first three months of this year amounted to PLN 2,785 million and was lower by PLN 6,686 million compared to the same period last year. – the company announced on Wednesday in its consolidated quarterly report.

Quarterly results of the Orlen Group

The concern reported that the sales revenues of the Orlen Group for the three months of this year amounted to PLN 82 billion 332 million and were lower by PLN 33 billion 496 million year on year. As explained in the announcement, the decline in sales revenues concerned mainly the gas, refinery, energy and mining segments.

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According to the report, the total assets of the Orlen Group at the end of March this year amounted to PLN 262 billion 997 million and were lower by PLN 1 billion 181 million compared to the end of December 2023.

In a press release, the company emphasized that the Orlen Group ended the first three months of this year with an EBITDA LIFO operating profit of PLN 8.4 billion. As noted, stable financial results were achieved with a simultaneous decrease in net debt by PLN 1 billion quarter to quarter.

Orlen reported that during this time the company allocated nearly PLN 6.4 billion for investments in all areas of its operations.

The results of the gas station network acquired in January this year were reported for the first time Austria, which constitute 8 percent. total sales.

Thanks to, among other things, this transaction, the Orlen network has expanded by 361 gas stations, of which the company now has a total of 3,483 in seven European countries.

Dividend amount

The press release shows that Orlen wants to pay out dividend for 2023 in the amount of PLN 4.15 per share.

– We have strong foundations that allowed the management board, in accordance with the applicable dividend policy, to recommend the payment of dividend for 2023 at the level of PLN 4.15 per share. We are returning to the values ​​that should guide a listed company. We intend to restore corporate governance standards and standardize reporting methods throughout the concern, said Magdalena Bartoś, Vice-President of the Management Board of Orlen for Finance.

About Orlen

The Orlen Group is a concern with refineries in Poland, in… Czech Republic and on Lithuaniaas well as a network of gas stations in these countries, as well as in Germanyon Slovakiaon Hungary and in Austria. It has an oil and gas extraction segment, a petrochemical segment and an energy segment incl renewable energy sources.

Orlen is a company listed on the Stock Exchange, the majority owner of which is the State Treasury (49.9 percent of shares)

Ireneusz Fąfara has been the president since the beginning of April. Daniel Obajtek At the beginning of February this year, after six years, he said goodbye to the position of president of Orlen

Daniel Obajtek

Orlen at the beginning of April this year. announced a loss of almost PLN 1.6 billion by the previous management board of Orlen Trading Switzerland, a Swiss company managed by the Orlen Group. These are advance payments made to intermediaries involved in crude oil trading. The most money was to be received by a 25-year-old from Hong Kong who had founded a company in Dubai just a few years earlier.

Main photo source: Shutterstock

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