07/30/2020 | Press release | Distributed by Public on 07/30/2020 02:53
Results posted by ORLEN Lietuva Group for 2020 Q2 achieved:
- USD 532 million of revenue;
- USD 83.9 million EBITDA LIFO;
- USD 26.7 million net profit;
- 6 percent growth in total sales volumes vs 2020 Q1;
- 71.1 percent refinery capacity utilization.
Despite ongoing unfavorable macroeconomic conditions, business results of ORLEN Lietuva in 2020 Q2 were significantly better than in 2020 Q1. EBITDA LIFO in 2020 Q2 was equal to USD 83.9 million. Positive results were achieved due to recovery of crude refining sector and capability of the Company to adapt to volatile market conditions.
Despite huge competition in global fuel markets, restrictions and lockdown imposed in relation to COVID-19, the sales of petroleum products in all markets grew in Q2 vs Q1 by average 6 percent. The sales of gasoline and diesel fuel in Baltic markets grew by even 49 percent. Furthermore, due to decreased refinery capacity (refinery capacity utilization was lower by 7.3 percentage points), the volumes of sales in other markets and seaborne sales decreased by 15 percent.
'In the second quarter of this year, ORLEN Lietuva was still facing macroeconomic pressure. We had to search for agility solutions to adapt to changes and turmoil in crude refining markets. All efforts and commitment allowed us to alleviate financial results of the company and we closed the second quarter of this year with profit. Our goal is to utilize every possible business opportunity in this competitive environment,' said Michal Rudnicki, General Director of ORLEN Lietuva.
On 29 April, Mažeikiai refinery had its 40th birthday. ORLEN Lietuva is one of the biggest strategic companies and exporters in Lithuania. The company operates the only crude oil refinery in the Baltic States ensuring energy security within the region supplying petroleum products to Lithuania, Latvia, Estonia, and Poland.Since 2006, PKN ORLEN has invested nearly USD 4 billion on the acquisition of Mažeikiai refinery and its upgrade. ORLEN Lietuva has recently become a member of an integrated petrochemical chain of PKN ORLEN.
ORLEN Lietuva inf.