For the 1st quarter of 2022, ORLEN Lietuva Group has recorded:
- USD 1.8 billion of revenue;
- USD 121.1 million net profit;
- USD 137.1 million EBITDA LIFO;
- Inland and seaborne sales increased by an average of 40 percentage points compared to the first quarter of 2021.
Despite a very tense geopolitical and macroeconomic situation in the world during the first quarter of this year, AB ORLEN Lietuva managed to operate profitably and even increase it sales volumes. In the first three months of this year, ORLEN Lietuva Group revenue increased by more than 140 percent – up to USD 1.826 billion, as compared to the same period in 2021. Net profit is four times higher compared to the same quarter in 2021 (2021 Q1 – USD 23.6 million, 2022 Q1 – USD 121.1 million). Recorded EBITDA LIFO was 6 times better – it was above USD 137 million in the first quarter of 2022 as compared to USD 17.9 million in the first quarter of 2021.
The beginning of 2022 was exceptional for AB ORLEN Lietuva due to its substantially diversified production. With the outbreak of the war in Ukraine, the Company completely abandoned Russian crude oil, reoriented its production technology and shifted to crude produced in Saudi Arabia, the North Sea, USA and other regions. In the first quarter of this year, the capacity utilization of the refinery in Mažeikiai was 90 percent compared to 59 percent during the same period in 2021.
‘Tomorrow, the only refinery in the Baltic States is celebrating its 42nd birthday. Over more than four decades, the Company has grown, changed and survived hard times. Ability to adapt to a constantly changing business environment, focus on finding innovative solutions, strategic thinking in the context of possible geopolitical changes – these are strengths of our team that enable the transformation of the Company,’ said AB ORLEN Lietuva General Director Michal Rudnicki on the eve of the Company birthday. ‘The positive results of the last quarter confirm that we are on the right track. The profits earned allow us to continue investing in the production of higher-margin products and the search for low-carbon energy solutions. In the next decade, we will continue pursuing the goals set out in the ORLEN2030 strategy’.
Since 2006, PKN ORLEN has spent nearly USD 4 billion on the acquisition and further investments in the Mažeikiai refinery. ORLEN Lietuva has recently become a member of the integrated petrochemical chain of PKN ORLEN.
PKN ORLEN is a modern player on the fuel and power market, and the largest company in Central and Eastern Europe listed in the prestigious Fortune Global 500.
ORLEN Lietuva inf.