For the second quarter of 2021, the ORLEN Group posted record-high LIFO-based EBITDA of PLN 3.2bn, up by a remarkable PLN 1.2bn y/y. The Group’s strong market position has also been confirmed by its net profit of PLN 2.2bn and 73% y/y growth in revenue, to PLN 29.4bn. The main contributors to the Group’s impressive performance were power generation and petrochemicals. More than half of the ORLEN Group's sales revenues come from foreign markets.
LIFO-based EBITDA delivered by the power generation segment was in excess of PLN 1.2bn, while petrochemical production generated solid LIFO-based earnings of over PLN 1bn, representing a fourfold y/y 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. 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. As a result, we are on a 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. The benefits are already being seen in the profitable growth of each segment and their active contribution to furthering our strategic vision. Add in the safe green finance framework and our continued commitment to sustainable development, and you will get a full picture of the modern ORLEN2030, which we are consistently working towards. Without investing to bolster the Polish business and economy, consolidating key capabilities of Polish companies and fast-tracking research and development efforts, we will not be able to follow through with the envisioned energy transition for Poland,” says Daniel Obajtek, President of the PKN ORLEN Management Board.
In the second quarter of 2021, the ORLEN Group reported:
- all-time high net profit of PLN 2.2bn; PLN 1.9bn y/y increase
- LIFO-based EBITDA at a historically record level of PLN 3.2bn; PLN 1.2bn y/y increase*
- sales of 9.3 million tonnes; 9% y/y increase
- revenue of PLN 29.4bn; 73% y/y increase
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Source: PKN ORLEN