- USD 1.59 billion of revenue;

- USD 92.1 million net profit;

- USD 131.4 million EBITDA LIFO;

- 93 percent increase in exports to Ukraine compared with Q1 2022.

Total revenues of ORLEN Lietuva Group for the first three months of this year reached USD 1.59 billion, whereas the net profit amounted to slightly more than USD 92 million. EBITDA LIFO for the 1^st quarter of 2023 was USD 131.4 million. Financial performance for Q1 2023 in comparison to the same quarter of 2022 posted slight decrease: 13 percent in revenue (compared to USD 1.83 billion for Q1 2022), 24 percent in net profit (compared to USD 121.1 million for Q1 2022), and 4 percent in EBITDA LIFO (compared to USD 137.1 million for Q1 2022). The major impact on such financial performance was made by the feedstock pool changes after cutting reliance on Russian supplies, along with lower processing volume and lower petroleum product prices on the global market.

Capacity utilization of the only crude oil refinery in the Baltic States during Q1 2023 was 85 percent, processing over 2.1 million tons of feedstock. Comparison of the same quarters over 2022 and 2023 shows that the Company has successfully increased the middle distillates yield by 2 percentage points with the volume of heavy products reduced accordingly.

The volume of sales to Ukraine in Q1 2023 increased by 93 percent in comparison to Q1 2022 being the war outbreak period. Significant growth has been observed in the volume of bitumen sales. Increase in the sales of petroleum products to other inland markets in Q1 2023 was as high as 190 percent owing in particular to the bitumen export growth to the Scandinavian countries.

'Geopolitical situation and macroeconomic conditions are subject to continuous changes. If we are not just to survive, but to strengthen our market position, we have to make efficient investments in development’, said Michal Rudnicki, General Director of ORLEN Lietuva. ‘Bottom of Barrel - the construction of the residue conversion unit gaining momentum since the beginning of the year is the crucial project in this respect, with its realization being the main focus for all AB ORLEN Lietuva team. The investments will ensure higher efficiency of the refining processes, minimize dependence on macro situation, and produce considerable economic benefits for the region’.

Since 2006, PKN ORLEN has spent nearly 4 billion US dollars on the acquisition and further investments in the refinery of Mažeikiai. ORLEN Lietuva has recently become a member of an integrated petrochemical chain of PKN ORLEN. 

ORLEN Lietuva inf.

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