Orlen’s net profit in the third quarter of 2023 amounted to approximately PLN 3.46 billion, compared to a profit of PLN 14.6 billion in the previous year.
Orlin’s sales revenue amounted to PLN 75.4 billion, while the cost of sales amounted to approximately PLN 63.6 billion. Operating profit EBIDTA according to LIFO amounted to PLN 8.2 billion in the period.
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Orlen’s cumulative net profit after three quarters of 2023 amounted to more than PLN 17.1 billion. Sales revenue amounted to more than PLN 260.3 billion, while cost of sales exceeded PLN 221.1 billion. Cumulatively after nine months of this year. The company’s operating profit amounted to PLN 34 billion.
– The results we achieved in the three quarters of the current year are consistent with a profit growth perspective. Assumed in the strategy and show that we have correctly identified and implemented the approved development directions. “We have made the decision to enter new markets and this is delivering measurable results,” Orlin President Daniel Obajtek said in the statement.
– Thanks to the mergers, we recorded a very significant increase in retail sales volume, especially in the Czech Republic, from which we supply fuel to our new stations in Hungary and Slovakia – added the President of Orlen.
Orlin expects a decline in refining margins
Orlin expects a decline in refining margins this year.
“In 2023, we expect refining margins to decline (on an annual basis) to approximately US$15 per barrel. We are currently observing a seasonal decline in margins. Global crude oil processing remains at pre-pandemic levels, and continued low levels of fuel inventories indicate Which Global refining capacity is struggling to meet demand. The supply said that slowing demand growth or accelerating supply growth are the main levers for easing restrictions.
Gas prices are expected to fall (annually) to around PLN 200/MWh. According to Orlin, the volume of LNG imports to Europe has increased significantly, and as a result the European gas market has largely become a global market and is now more dependent on the behavior of external factors, including, among others, weather.
The company expects electricity prices to fall this year to about PLN 500 per megawatt hour.
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