MOL Group releases 2024 Half Year Report
MOL Plc. published the following documents today:
Highlights of the period:
- MOL profit before tax reached USD 534 mn in Q2 2024 and USD 916 mn in H1 2024, 19% increase year-on-year, as a result of robust demand in Downstream, strong production in Upstream and further retail expansion
- Upstream’s production remains above guidance of 90 mboepd
- In Downstream’s R&M segment, demand remained robust and strong sales and year-on-year increase in refining margins countered the negative effects of the decrease in Brent-Ural spread
- Consumer Services’ results increased predominantly thanks to higher fuel sales volumes and the improvement in non-fuel margin
- Circular Economy Services marks negative profits and EBITDA as Deposit Refund System (DRS) is initiated
Zsolt Hernádi, MOL Chairman & CEO, comments:
“Our company is under pressure in many ways. First, we need to ensure security of supply in the region in the long run. For that we are working day-in-and-out on securing all transportation options and maximizing our oil feedstock diversity and refinery flexibility. Second, we continue delivering our transformation agenda relying solely on our own resources as these diversity and transformation programs do not receive any kind of community funding. Third, we remain committed to delivering our long-term strategy to create value and provide return for our shareholders.
It is not easy to reach these goals especially as Government takes and regulatory burden in CEE add an extra stress on us. This is reflected by the fact that the contribution of our main Hungarian businesses has been marginal to the financial performance of MOL Group in 2024 so far.
Despite all of these, I am very proud of MOL Group as our company continues to deliver stable and reliable performance in this unpredictable and volatile market environment. This demonstrates the resilience and strength of our company and our people.”
For further information, please contact Investor Relations:
Tel: +36 1 464 1395
Email: investorrelations@mol.hu