MOL earnings climb in Q4 on higher prices, stronger margins
Core earnings at Hungary’s MOL surged in the fourth quarter on the back of higher oil and gas prices and wider downstream margins, according to company results published on February 21.
The company’s EBITDA came to 312.2bn forint ($1bn) for the three-month period, up from 123.5bn forint a year earlier. Revenues surged to 1.77 trillion forint, from 1.05 trillion, supporting a growth in operating cash flow to 301bn forint from 196bn forint. Net profit reached 110bn forint, up from only 14.9bn forint in the final quarter of 2020.
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Downstream EBITDA climbed to 124bn forint for Q4 2021, up from 23.6bn forint a year earlier, as a recovery in fuel and petrochemical demand led to higher prices and prompted MOL to ramp up production. Core earnings at the company’s upstream division came to 159bn forint, up from 54.5bn forint in Q4 2020.
“Due to MOL’s integrated business model and the good internal performance we were able to maximise the benefits from the external environment, allowing us to fund our transformational investments,” MOL chairman and CEO Zsolt Hernadi said in a statement.