PKN Orlen records 52-pct y/y increase in revenues in Q3

Mateusz Marek/PAP

Polish energy company PKN Orlen saw revenues climb by 52 percent year on year in the third quarter of 2021, the firm announced on Thursday.

Orlen said the result was due to higher prices of refinery products due to a year-on-year rise in crude oil prices of USD 31 a barrel.

The company's quarterly results, published on Thursday, showed that a 2-percent rise in sales volume also had an effect on incomes.

The company's EBITDA LIFO (earnings before interest, tax, depreciation and amortisation, last-in-first-out inventory method) indicator rose by PLN 2.3 billion (EUR 500 million) year on year.

Orlen said this was due to the positive influence of the macro environment, higher sales volumes, a higher margin on wholesale trade and higher margins in non-fuel retail as well as a revaluation of inventories to obtainable prices.

These positive effects were partly mitigated by the negative effects of lower margins on fuel retail, higher CO2 emission reserve costs and higher labour costs, Orlen said.