All the business segments have noted an increase in their contributions
MOL Group has reported its financial results for the first quarter 2017. All the business segments have noted an increase in their contributions when compared to the previous year. Upstream showed an increase of 50% and achieved USD 219mn capitalizing on higher oil prices and the very competitive asset base.
Downstream recorded a 15% increase in the first quarter delivering USD 324 million. This happened as a result of an improved asset availability (and thus strong volumes and yields) and fairly supportive margins in both refining and petrochemicals. Consumer Services showed an increase of 17% due to stronger fuel sales volumes and higher non-fuel contribution. The Gas Midstream segment reached USD 70mn EBITDA in the first quarter, up 4% year-on-year.
Chairman-CEO Zsolt Hernádi said, “The first quarter was an excellent start to the year 2017 with all our business segments posting robust earnings growth, as we were able to fully capture the benefits of a supportive external environment on the back of our systematic efficiency improvement efforts and low-cost, high-quality asset base. Downstream had its best ever Q1 on much improved asset availability and strong margins, Consumer Services (Retail) continued its impressive ascent, while Upstream successfully captured the benefit of higher oil prices and a very competitive cost base. These achievements provide a strong foundation for the rest of the year as we plan to deliver again at least USD 2bn EBITDA and pass major milestones in the implementation of our MOL Group 2030 strategy.” PWKD10052017