Mol Group net profit up by 24 per cent to 323 million Euro in Q1

Mol Group announced its financial results for Q1 2017, with net profit up by 24 per cent year-on-year to 323 million Euro. In the first quarter, all business segments (upstream, downstream, consumer services, gas midstream) managed to increase their contributions compared with the same period of the previous year.

2017-05-05 13:10:00

Upstream EBITDA surged year-on-year by 50 per cent and reached 219 million USD capitalizing on higher oil prices and the very competitive asset base. Production remained stable at 111,500 barrels of oil equivalent per day.

Downstream posted an all-time high first quarter clean CCS EBITDA delivering USD 324 million USD, which is 15 per cent higher than in the same period of the previous year. The growth was the result of much improved asset availability (and thus strong volumes and yields) and supportive margins in both refining and petrochemicals.

Mol's retail gasoline sales in Romania were stable in the first quarter, while diesel sales increased by 13.5 per cent compared with the first three months of the previous year.

Chairman-CEO Zsolt Hernadi commented the results: "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. These achievements provide a strong foundation for the rest of the year as we plan to deliver again at least 2 billion USD EBITDA and pass major milestones in the implementation of our Mol Group 2030 strategy."