02 Aug 2019

MOL Group releases 2019 Half Year Report

MOL Group announced its financial results for H1 2019. In the first six months MOL Group delivered USD 1,15bn EBITDA exactly half of the full-year 2019 guidance.

Highlights of the period:

  • Clean CCS EBITDA reached USD 634mn in Q2, 5% lower YoY, bringing H1 EBITDA to USD 1.15bn
  • Upstream EBITDA declined YoY to USD 269mn in Q2, due to lower oil and gas prices and some non-recurring expenses
  • Downstream Clean CCS EBITDA was nearly flat YoY at USD 265mn in Q2 despite the significantly weaker refining environment
  • Consumer Services EBITDA grew 13% in Q2 YoY in local currency terms; EBITDA growth slowed in USD-terms in Q2 to 6% reaching USD 118mn
  • Organic capex more than doubled in Q2 to USD 506mn and nearly doubled in H1 2019 to USD 793mn as transformational projects accelerate

Zsolt Hernádi, MOL Chairman & CEO, comments:

„Our resilient, integrated business model allowed us to deliver USD 1.15bn EBITDA in the first half of 2019, only slightly behind last year’s outstanding level, despite lower oil prices and much weaker refinery margins. We thus remain well on track to meet or beat our full-year guidance of USD 2.3bn Clean CCS EBITDA. We continued to generate positive simplified free cash flow even at a time when we spent nearly USD 300mn on strategic transformational projects, including the new polyol plant, which is progressing in line with plans and on schedule.”

For further information, please contact Investor Relations:

Tel: +36 1 464 1395

Email: investorrelations@mol.hu