MOL Group reports EBITDA of 664 million USD, up by 7 percent in Q1

MOL Group delivered Clean CCS EBITDA of 664 million USD in Q1 2021, 7 percent higher than last year in the same quarter, reflecting the stronger oil-and gas prices and the record high petrochemical margin.

Upstream EBITDA increased 66 percent year-on-year in Q1 to 307 million USD, driven by significantly higher oil and gas prices and by the ACG-contribution

Downstream Clean CCS EBITDA declined by 14 percent year-on-year to 254 million USD, as a result of lower refinery volumes and margins, partly offset by very strong petrochemical performance

Consumer Services reached its highest ever Q1 EBITDA at 115 million USD, despite seasonality and third wave travel restrictions

Chairman-CEO Zsolt Hernádi commented on the results: „We delivered over USD 660mn EBITDA in Q1 2021, a great achievement considering the pandemic situation during these past months. This strong performance is the product of previous strategic initiatives combined with our integrated resilient business model. I am particularly pleased to see a good set of results in both Petrochemicals and Consumer Services, the two important pillars of our transformational strategy.

Exactly one year ago I said we entered a period of uncertainty, but we at MOL definitely learned how to adapt and emerged stronger from the crisis. With the vaccination and gradual ease of lockdowns in our region, we have reasons to be optimistic. I am glad that the dividend payment was resumed after last year’s cancellation, as we share our good results with our investors. Q1 proved to be another milestone in the history of the Group. We published our 2030+ Strategy ‘Shape Tomorrow’ which will further accelerate the pace and scale of our transformation to be a key player in the low carbon, circular economy in CEE. With these results, I am confident that we have a strong foundation from which we will be able to shape tomorrow’s economies together with our stakeholders.”