For the 4th quarter of 2020, ORLEN Lietuva Group has recorded:
- USD 722 million of revenue;
- USD 19.4 million EBITDA LIFO;
- increase by 200% (y/y) in propylene sales
ORLEN Lietuva managed to achieve positive operating results in the 4th quarter of 2020. Company's EBITDA LIFO for the 4th quarter of 2020 was USD 19.4 million. This result was achieved by optimizing production volumes, taking into account the significantly reduced demand of petroleum products in the market.
'2020 was full of changes and challenges for business, industry, and people. Global pandemic which started last year and turned entire world upside down was and still is a period of real challenges for our refinery which operates for four decades already,' said Michal Rudnicki, General Director of ORLEN Lietuva. 'Last year we truly felt the importance to use each even smallest opportunity in the market.' I am proud that the team I work with remains loyal, agile and continues to general ideas despite ongoing tension.'
Ongoing unfavorable macroeconomic conditions, volatility in markets and second wave of COVID-19 in entire Europe had huge effect on business results of the last quarter of 2020 of ORLEN Lietuva. To minimize the negative effect of unfavorable market conditions refinery was operating at 75 percent of its capacity. Due to this reason, the revenue of the company dropped down by 45 percent vs the same period of 2019.
Decreasing demand of all types of fuel and movement restrictions introduced due to pandemic had inevitable negative impact on sales results. Inland sales in comparison to the 3rd quarter of 2020 decreased by average 15 percent. Sales decreased in all markets excluding Estonia where an increase of 2 percent vs the 3rd quarter was recorded.
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. It was listed among the prestigious Fortune Global 500.
ORLEN Lietuva inf.