MOL Group releases 2018 Half Year Report

MOL Plc. has published the following documents today:

Highlights of the period:

  • Full-year Clean CCS EBITDA guidance is upgraded to around USD 2.4bn (from around USD 2.2bn); leaving our capex guidance intact, this also implies an upgrade of our simplified FCF guidance to USD 1.1-1.3bn
  • Clean CCS EBITDA in Q2 2018 was slightly lower (-2%) YoY at USD 668mn; H1 2018 EBITDA was sustained at the very strong 2017 level of USD 1.3bn, as jumping E&P and rising Consumer Services offset weaker Downstream
  • Simplified FCF remained robust in both Q2 (USD 425mn) and H1 2018 (USD 0.89bn)
  • Upstream EBITDA jumped 43% YoY to USD 325mn on rising oil&gas prices, Downstream Clean CCS EBITDA fell by 16% to USD 274mn on weaker refinery and petchem margins, while Consumer Services EBITDA continued to reach new all-time highs (+17% YoY to USD 111mn) increasingly driven by non-fuel contribution in Q2 2018

Zsolt Hernádi, MOL Chairman & CEO, comments: “Our resilient, integrated business model once again proved its worth in a changing external environment, allowing us to upgrade our full-year 2018 Clean CCS EBITDA guidance to around USD 2.4bn (from around USD 2.2bn). MOL Group delivered strong results in the first half of 2018 and maintained its profitability at last year’s outstanding level of USD 1.3bn EBITDA amidst rising oil prices and weaker downstream margins. We also made good progress and are going ahead at full steam with executing our 2030 transformational strategy.”

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