AB ORLEN Lietuva posts profit for the 3rd quarter of 2019

24-10-2019  

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ORLEN Lietuva for the third quarter of 2019 achieved:
- USD 1.3 billion of revenue;
- USD 45.7 million EBITDA LIFO;
- USD 25 million net profit;
- Increase of sales to inland markets by 7% year-on year.
 
It is already the third profitable quarter posted this year by ORLEN Lietuva. If to compare to 2019 2Q, net profit of the Company increased by nearly USD 9 million (from USD 16.5 million in 2019 2Q to USD 25,2 million in 2019 3Q) and EBITDA LIFO increased almost four times (USD 45.7 million in 2019 3Q vs. USD 11.7 million in 2019 2Q). Sales to inland markets increased by 9% on average (Lithuania 11 %, Latvia 12 %, Estonia 21 %, CIS 23 %, other 28 %).
 
The performance of ORLEN Lietuva would be even better if not for, decrease in crude oil and petroleum product prices and unfavorable macroeconomic situation. Due to this negative factors EBITDA LIFO after 9 month of 2019 is 7 % lower vs. the same period last year (USD 111,9 milion vs. USD 120,4 million).
 
'We proved our ability to provide positive financial results despite challenging market conditions. We also again contributed to positive financial results of PKN ORLEN', said Michal Rudnicki, General Director of the Company. 'We managed to reach 500 days with zero accidents in our Company which is the best result in the entire history of its operation. I believe that today, working safely and reliably for 540 days in a row already, we stand as good example not only for ORLEN CG companies but also for Lithuanian industry'.
 
Public Company ORLEN Lietuva is the largest Lithuanian company, exporter and tax payer. Since 2006, PKN ORLEN has invested USD 4 billion in acquisition and further investments in the refinery of Mažeikiai.
 
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, Platts TOP250 and Thomson Reuters TOP100.
 

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