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Net profit of MOL Group bigger by 23% in first half of 2017
Source: eKapija
Sunday, 06.08.2017.
14:40
Sunday, 06.08.2017.
14:40
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The Hungarian oil group MOL recorded a growth of net profit of 23% to USD 639 million in the first half of 2017 compared to the first half of 2016, with all operating segments realizing an increase in revenues, the company reported on Friday, August 4, 2017.
The oil exploration and production sector had EBITDA of USD 447 million, an increase of 45%, and a free cash flow of USD 321 million.
The processing sector once again realized record EBITDA of USD 652 million, an increase of 8%, thanks to stronger margins in refineries and an increased availability of assets.
The retail and customer service sector reported the largest half-year EBITDA so far at USD 150 million, which is 18% more than in the first half of 2016, whereas the gas production department had EBITDA of USD 107 million, an increase of 12%.
– We exceeded the profit projections for 2017 to over USD 2.3 billion in EBITDA, thanks to the very strong results the group had in the first half of the year, which is another proof of our flexible integrated business model and resource quality – said Zsolt Hernadi, CEO and president of the MOL Group.
He added that the group had also reached an important turning point regarding the transformation towards petrochemicals, a part of the “2030” strategy, as it had recently signed crucial licensing agreements on its leading Poliol project.
The Hungarian oil giant recently signed partnership agreements with Evonik and Thyssenkrupp on MOL’s leading investment in the value chain of propylene oxide (the Poliol project), which is expected to stimulate its petrochemical expansion and set it on the path of becoming the leading chemical group in Central and Eastern Europe.
MOL also plans to build a network of over 250 electric vehicle chargers in CEE, as part of the NEXT-E consortium, which has received EUR 19 million from the EU for the purpose.
The oil exploration and production sector had EBITDA of USD 447 million, an increase of 45%, and a free cash flow of USD 321 million.
The processing sector once again realized record EBITDA of USD 652 million, an increase of 8%, thanks to stronger margins in refineries and an increased availability of assets.
The retail and customer service sector reported the largest half-year EBITDA so far at USD 150 million, which is 18% more than in the first half of 2016, whereas the gas production department had EBITDA of USD 107 million, an increase of 12%.
– We exceeded the profit projections for 2017 to over USD 2.3 billion in EBITDA, thanks to the very strong results the group had in the first half of the year, which is another proof of our flexible integrated business model and resource quality – said Zsolt Hernadi, CEO and president of the MOL Group.
He added that the group had also reached an important turning point regarding the transformation towards petrochemicals, a part of the “2030” strategy, as it had recently signed crucial licensing agreements on its leading Poliol project.
The Hungarian oil giant recently signed partnership agreements with Evonik and Thyssenkrupp on MOL’s leading investment in the value chain of propylene oxide (the Poliol project), which is expected to stimulate its petrochemical expansion and set it on the path of becoming the leading chemical group in Central and Eastern Europe.
MOL also plans to build a network of over 250 electric vehicle chargers in CEE, as part of the NEXT-E consortium, which has received EUR 19 million from the EU for the purpose.
Companies:
MOL Hungarian Oil and Gas Budapest
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