Mol Group reached almost one billion dollars profit in 2016

Mol Group announced its financial results for 2016 and the company delivered a clean CCS EBITDA of 2.15 billion dollars, which is only moderately down compared with the previous year, a press release shows.

2017-02-28 14:07:04

EBITDA remained nearly flat at 675 million dollars and the business generated over 250 million dollars' free cash flow equalling seven dollars per barrel of oil equivalent. Production grew by six per cent to 112 thousand barrels of oil equivalent per day with additions from CEE's onshore fields.

Downstream posted robust results, delivering 1.5 billion dollars clean CCS EBITDA. This is only slightly behind the all-time high levels in 2015. The primary driver behind the decline was the expected normalization of the refining and petrochemicals margins. Consumer Services (Retail) EBITDA grew by 40 per cent, supported by the recent acquisition of nearly 450 service stations across five countries in CEE.

Chairman-CEO Zsolt Hernadi commented the results: "2016 was a year of great achievements and important milestones. It marked the successful start of a major transformational journey as we approved our new long term strategy, MOL Group 2030. We also delivered on our targets and generated very strong free cash flow on the back of our resilient, integrated business model."

Upstream generated over 250 million dollars' free cash flow at the bottom of the cycle and achieved the highest CEE onshore oil and gas production since 2012.