MOL Group reports solid growth of operational results across all segments in Q1 2017

The MOL Group reported a solid growth of operational results across all segments in the first quarter of 2017.

The MOL Group obtained an operational result (CCS EBITDA) of USD 614 million, up by 21 percent year-on-year. The contribution of the Upstream (Exploration and Production) increased by 50 percent compared to Q1 2016, to USD 219 million, on the back of higher oil costs, as well as a competitive asset base. Production remained stable, to 111,500 tep/day.

The Downstream segments (Refining and Petrochemistry) and Client Services (Retail) recorded record results for the period. Net profit increased by 24 percent compared to Q1 to USD 232 million.

The MOL Group announced today the financial results for Q1 of 2017.

The Downstream segment posted a record CCS EBITDA result in Q1 of USD 324 million, 15 percent more year-on-year. The increase was generated by a better asset availability, which generated strong volumes and performance, supported by good margins in refining and petrochemistry.

Client Services also reported a record result for the first semester, with a 17 percent year-on-year increase of the EBITDA. The result of USD 55 million was generated by the bigger fuel volumes and by the increased contribution of the non-fuel segment. Fuel consumption increased by 5 percent year-on-year, in the Central and Eastern Europe region, providing a favourable environment.

In Romania, retail sales of gasoline volumes were stable in the first quarter, while diesel volumes increased by 13.5 percent year-on-year.

The Gas Midstream segment, a steady contributor to the MOL Group’s overall results, posted an EBITDA of USD 70 million in Q1, up by 4 percent year-on-year.

Chairman-CEO Zsolt Hernádi said: “The first quarter was an excellent start to the year 2017 with all our business segments posting robust earnings growth, as we were able to fully capture the benefits of a supportive external environment on the back of our systematic efficiency improvement efforts and low-cost, high-quality asset base. Downstream had its best ever Q1 on much improved asset availability and strong margins, Consumer Services (Retail) continued its impressive ascent, while Upstream successfully captured the benefit of higher oil prices and a very competitive cost base. These achievements provide a strong foundation for the rest of the year as we plan to deliver again at least USD 2bn EBITDA and pass major milestones in the implementation of our MOL Group 2030 strategy.”