10 May 2024

MOL Group Q1 results: solid performance amidst difficult external circumstances

  • MOL Group Profit before tax reached USD 382 mn in the first quarter of 2024, 18% and 29% lower quarter-on-quarter and year-on-year
  • Downstream’s results have been affected by the increase of Brent-based refining margins and petrochemicals margins but production decreased due to turnarounds
  • Consumer Services' results were boosted by an increase in non-fuel sales and a one-off gain on the sale of service stations
  • Upstream production increased quarter-on-quarter to 92.3 mboepd mainly thanks to production starting in Kazakhstan in December but plummeting gas prices had a negative impact on results
  • Extra government take continued to weigh on the results: the revenue-based extra tax for 2024 was accounted in the first quarter and had USD 110 mn effect while Brent-Ural tax and CO2 tax each had USD 27 mn impact

Budapest, 10 May 2024Today, MOL Group announced its financial results for the first quarter of 2024. MOL Group delivered USD 382 mn Profit before tax in Q1 2024, amidst continued government takes and turnarounds in Downstream, the unfavourable effect of lower gas prices in Upstream, and continued strong non-fuel dynamics in Consumer Services. MOL Group generated USD 402 mn simplified free cash flow in Q1 2024, 22% lower compared to the same period of last year.

Chairman-CEO Zsolt Hernádi commented on the results:  “MOL Group's financial results once again demonstrated the effectiveness of our resilient business model. While coping with the challenges of the external environment, we were able to deliver solid results. Our stability is key to strengthen Central- and Eastern Europe’s security of supply and delivery of strategic investments, like the soon-to-be-inaugurated EUR 1.3 bn polyol complex.

In March, we outlined an ambitious investment agenda in our updated strategy to increase the competitiveness of MOL as well as the industry in CEE. Despite the extra heavy government levies weighed on our performance, we remain committed to continue our energy transition journey and develop our self-sufficiency further on.”

Downstream results were supported by both petchem and refining margins  but lower sales of own production weighed on performance. Extra government take in Hungary continues to impact results with the revenue based tax, Brent Ural tax, and CO2 tax all having a considerable effect on quarterly results.

Consumer Services marked a continuing improvement in non-fuel margin, meaning mostly expanding gastro, grocery, and non-food sales, while one-off gains on remedy sales of fuel stations also contributed to Q1 results. Despite a decrease in network size due to remedy handovers in Hungary, fuel sales volume increased by 6% year-on-year, while unit fuel margin dropped by 2% year-on-year. The number of Fresh Corner sites rose throughout the network to 1,260 in Q1 2024, from 1,172 in Q1 2023.


Upstream production totalled 92.3 mboepd in the first quarter of 2024, which means 0,8 mboepd increase quarter-on-quarter. As first gas was reached in Kazakhstan in December 2023, it resulted +1.3 mboepd in Q1 2024. CEE production levels have decreased slightly due to baseline decline in onshore assets in Croatia, while production in Hungary was retained at high levels thanks to successful efforts to counter natural decline. Group-level unit cost remained unchanged year-on-year despite general inflationary pressures, due to decreasing electricity prices, higher production, and composition shifting towards lower-cost assets.

Circular Economy Services was affected by lower than expected Extended Producers Responsibilty (EPR) revenue realization. The Deposit and Refund System (DRS) is in operation since 1 January with ca. 2,400 Reverse Vending Machines installed and available at retail sites all around Hungary.

Gas Midstream performance was marked by the combined effect of a favourable macroeconomic environment and changing demand for regional transmission services.


About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 24,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemicals plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 10 countries.

MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central-and Eastern Europe.


Press contact

@: internationalpress@mol.hu