Orlen posts record figures for Q2

Marcin Bednarski/PAP

Orlen Group, a Polish petroleum giant, closed the second quarter of the year with a record LIFO-based EBITDA of PLN 3.2 billion (EUR 700 million), said Orlen CEO Daniel Obajtek on Thursday.

This is an increase of PLN 1.2 billion (EUR 261 million), year on year.

The company also underlined its strong market position by recording PLN 2.2 billion (EUR 480 million) in net profit, and a 73-percent increase, year on year, in revenue to PLN 29.4 billion (EUR 6.4 billion). The Group attributes its good performance to power generation and petrochemicals. More than half of Orlen's sales revenues come from foreign markets.

LIFO-based EBITDA delivered by the power generation segment came above PLN 1.2 billion (EUR 260 million), while petrochemicals brought in a solid over PLN 1 billion (EUR 220 million) in LIFO-based earnings, a fourfold year-on-year increase.

"The record-breaking financial figures booked by the ORLEN Group prove that our vision of turning into a strong multi-utility player diversified across multiple sectors is coherent, effectively pursued and designed to address all the contemporary challenges faced by Oil&Gas," Obajtek said in a press release.

"Despite the challenging environment, our results were even better than in the record years of 2015-2018, which were marked by strong macroeconomic tailwinds for the refining market," he added. "As a result, we are on firm financial footing keeping us safely on track to meet our business objectives. PKN Orlen, as the leader of the energy transformation, is now engaged in its largest investment programme geared towards strengthening all business areas," he said.