For the 3rd
quarter of 2023, ORLEN Lietuva Group has recorded:-
USD 1.984 billion of revenue ;
-
USD 196.1 million EBITDA LIFO;
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USD 223.4 million net profit;
-
95 percent refinery capacity utilization.
ORLEN Lietuva financial performance is excellent for
the third consecutive quarter this year, with a significant increase in net
profits compared to the same quarter in 2022. Improved variable margins, driven
by lower crude oil and energy market prices as well as higher sales margins,
had a positive impact on the performance results recorded for July-September
2023.
Company’s revenue was 12 percent lower compared to the
same period in 2022 (USD 2.242 billion in Q3 2022 vs USD 1.984 billion in Q3
2023) but the net profit was significantly higher (USD 27.8 million in Q3 2022
vs USD 223.4 million in Q3 2023). ORLEN Lietuva group profit recorded for the
third quarter was 4.8 times higher compared to the second quarter of this year.
Another financial indicator - EBITDA LIFO - was also
positive in the third quarter of 2023. In Q3 2023, EBITDA LIFO was USD 196.1
million vs USD 119.6 million for the same period last year.
Capacity utilization of the only crude oil refinery in
the Baltic States during Q3 2023 was 95 percent, processing over 2.4 million
tons of feedstock. Inland sales volumes remained similar when comparing Q3 of
2022 and 2023.
Successful implementation of the largest freight
transport project in the history of Lithuania – more than 1500-ton reactor for
the new PC ORLEN Lietuva facility, and the best financial results are the key
achievements in the third quarter of this year. In the coming months, the
Company will focus on improving efficiency in all areas and will do its best to
take advantage of favorable market conditions.
Since 2006, ORLEN has spent nearly USD 4 billion on
the acquisition and further investments in Mažeikiai refinery. ORLEN Lietuva
has recently become a member of the integrated petrochemical chain of
ORLEN.
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.