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Mol Group posts highest profit in a decade in 2017

Mol Group announced its financial results for 2017. Mol increased its EBITDA by 14 per cent outperforming its 2017 target on the back of a strong financial and operational delivery of all business segments.

2018-02-20 14:22:33

Upstream delivered 854 million USD EBITDA, a 26 per cent increase in comparison with 2016 arising from higher Brent and gas prices. Due to a strong cost discipline the segment nearly doubled the amount of free cash flow, 14 USD per each barrel produced, and turned into a major contributor to the Group's cash generation in 2017. The daily production averaged at 107,400 barrels of oil equivalent, slightly below the yearly guidance due to lower UK contribution.

Downstream once again posted strong results and remained the main earnings contributor delivering almost half of the Group's Clean CCS EBITDA at 1.18 billion USD. The segment increased its contribution by two per cent from an already very high base thanks to internal efficiency programs and the still supportive external environment.

Zsolt Hernadi, Mol Group Chairman-CEO, commented on the results: "I am glad to say that 2017 was another year of delivering strong financial results, but equally importantly it was also a year of visible progress along our transformation journey set out in the Mol 2030 strategy. We comfortably beat our upgraded earnings targets with increasing contribution from all businesses. Upstream more than doubled its free cash flow contribution, Downstream EBITDA increased further from a high base, while Consumer Services sustained its double-digit earnings growth. Regarding strategic transformation, our flagship chemicals (polyol) project made major progress and we have been launching new, innovative mobility-related services. We are starting 2018 with a strong momentum with crucial investment decisions ahead of us. We are also expecting to deliver around 2.2 billion USD EBITDA this year, which will allow us to fund our transformational projects as well as the rising dividends to our shareholders."

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