Mixed quarter for MOL

MOL Group’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to 304.2 billion forints ($845 million) in Q3, compared to 344.5 billion forints in the same period last year. Net sales fell from 2,568 to 2,464 billion forints (under 6.9 billion dollars) in the same period.

More raw materials, fewer petrol stations at home

CEO Zsolt Hernádi took a differentiated view of the quarterly results. The weaker performance of the refinery business was due to a particularly unfavourable external economic and financial environment. However, this was offset by higher raw material production. In Hungary, it was possible to increase the yield from previously developed fields. Despite a reduced petrol station network (following the ring swap with ORLEN), the level of private customer services (Fresh Corner) was maintained at the previous year’s level. The MOL Group was able to further expand its relationships with Turkish and Azerbaijani partners on the international stage, which should open up particularly good opportunities in these countries in the future.

Investments in the circular economy

The waste management division is developing according to plan, and the entry into the circular economy proved to be strategically sensible. The contribution of services for the circular economy to the overall result has improved, although the results of this segment are characterised by large fluctuations. This is because the business continues to generate losses in cash flow due to high investments in the waste management system, where a nationwide deposit on drinks packaging will apply from 1 July.