For the 4th quarter of 2022, ORLEN Lietuva Group has recorded:
- USD 2.158 billion of revenue;
- USD 177 million EBITDA LIFO;
- USD 73.2 million net profit;
- 96 percent refinery capacity utilization.
Total revenues of Public Company ORLEN Lietuva for the last quarter of 2022 were by 28% higher vs the same period of 2021 (USD 1.688 billion in Q4 2021 compared to USD 2.158 billion for Q4 2022). Such revenue growth was largely driven by the high increase of global oil and petroleum product prices in October-December last year, increasing product demand and resulting growth of sales as well as high capacity utilization.
Exceptional performance results of Q4 2022 have also become visible in other performance indicators of ORLEN Lietuva Group. The profit posted by the Company during the last three months of 2022 amounted to USD 73.2 million, with such result being significantly higher in comparison to USD 46.8 million net profit in Q4 2021. Favorable macro situation and increase in diesel sales had an effect on 3.8 times growth of EBITDA LIFO in comparison to the same period of 2021. This financial indicator amounted to USD 46.3 million in Q4 2021, demonstrating strong growth in the last quarter of 2022 reaching USD 177 million.
After the turnaround of the process facilities last year in summer, the only crude oil refinery in the Baltic States now operates nearly at its maximum capacity with capacity utilization in Q4 2022 reaching 96 percent. Progress, on the Baltic market in particular, is also noted in terms of the inland sales growth. In comparison to October-December 2021, the volume of sales to Lithuania in Q4 2022 boosted by 13 percent, volume of products sold in Latvia increased by 27 percent, with 17 percent growth of sales to Estonian market.
‘The war in Ukraine which began in February 2022 has an obvious impact on the entire refining industry. And AB ORLEN Lietuva with the only crude oil refinery in the Baltic States is no exception. We had to make a shift, we shun imports of Russian crude without waiting for sanctions to enter into force, and made changes in the logistics chain of the product shipments to Ukraine’, said Michal Rudnicki, General Director of AB ORLEN Lietuva. ‘Professional excellence and commitment of the entire team produce rewarding results in the fourth quarter of last year. Having demonstrated its inner strength and care about the true values, AB ORLEN Lietuva managed to make its business profitable in a challenging year, thus making a considerable input in the national economy and contributing to its competitiveness as well as energy security’.
Since 2006, PKN ORLEN has spent nearly 4 billion US dollars on the acquisition and further investments in the refinery of Mažeikiai. ORLEN Lietuva has recently become a member of an 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.