For the 3rd quarter of 2021, ORLEN Lietuva Group has recorded:
- USD 1.458 billion of revenue;
- USD 32.9 million EBITDA LIFO;
- USD 28.9 million net profit;
- 10 percent increase in sales vs Q3 2020;
- 85 percent refinery capacity utilization.
Increase in sales, optimization of production capacity resulted in great financial results of ORLEN Lietuva in the 3rd quarter of this year. If to compare with the same period of last year, the revenue of ORLEN Lietuva Group grew by even 92 percent (from USD 761 million in Q3 2020 to USD 1.458 billion in Q3 2021) and net profit in Q3 2021 reached almost USD 30 million vs USD 14.4 million loss in Q3 2020. In Q3 2021, EBITDA LIFO was USD 32.9 million vs EBITDA LIFO loss of USD 41.5 million same period last year.
Despite huge competition in global fuel markets, the Company managed to increase both its inland and seaborne sales. If to compare with July-August 2020, sales to Polish clients grew by 128 percent, to CIS by 38 percent, to Lithuania by 10 percent, and to Latvia by 7 percent. Growth of inland sales is a highly positive factor in such volatile market.
‘We worked at profit and made positive effect on the results of whole ORLEN Group,’ said Michal Rudnicki, General Director of ORLEN Lietuva. ‘PKN ORLEN and ORLEN Lietuva are doing everything possible to stay agile and to move forward. Therefore, new Heavy Residue Hydrocracking Unit construction project which is the biggest investment of ORLEN in Lithuania in the last decade and is worth EUR 641 million received corporate approval in the beginning of October of this year. This investment will allow increasing the yield of high-margin products, improving the Company’s profitability and enhancing its resilience to market fluctuations.’
Since 2006, PKN ORLEN has spent nearly USD 4 billion 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 among the prestigious Fortune Global 500.
ORLEN Lietuva inf.