MOL Group releases 2018 third quarter earnings report

MOL Plc. has published the following documents today:

Highlights of the period:

  • Clean CCS EBITDA jumped 23% YoY in Q3 2018 to USD 708mn, bringing 2018 ytd EBITDA to just over USD 2bn
  • Simplified free cash-flow rose by 22% YoY to USD 398mn, bringing the ytd FCF to USD 1.29bn, reaching the upper end of the full-year guidance range
  • Upstream EBITDA jumped 70% YoY to USD 319mn on rising oil and gas prices
  • Downstream Clean CCS EBITDA was around flat at USD 262mn in Q3 despite materially weaker margins
  • Consumer Services EBITDA continued its double-digit growth to new all-time highs (+11% YoY to USD 147mn)

Zsolt Hernádi, MOL Chairman & CEO, comments: “The delivery of the very strong third quarter results will allow us to comfortably meet or beat our upgraded Clean CCS EBITDA guidance of USD 2.4bn in 2018, while we also continued with our strategic business transformation and reached important milestones in the last three months. We increased our EBITDA and free cash flow by more than 20% in Q3, as Upstream capitalized on higher oil prices and became the largest cash contributor, Consumer Services continued its double-digit growth and Downstream posted flat earnings despite a much weaker macro. Meanwhile, we signed lump-sum EPC contracts for our flagship polyol project and also agreed on a strategic partnership in plastics recycling during the quarter.”

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