Key results of ORLEN Lietuva for second quarter of 2024:
- Revenues amounted to USD 1.864 billion;
- EBITDA on a LIFO basis amounted to USD 60.9 million;
- Earnings of USD 53.6 million;
- The construction of a major plant modernization project, the construction of a hydrocracker, is continuing.
In the second quarter of this year ORLEN Lietuva received USD 1.864,6 billion revenue – 12% more than in the same period last year, when revenues reached USD 1.669,6 billion. Due to the changed macroeconomic situation in the region, the company's earnings before interest, taxes, depreciation and amortization - EBITDA on a LIFO basis - in the second quarter this year amounted to USD 60.9 million. The net profit was USD 53.6 million. These figures for the same period last year amounted respectively to USD 56.2 million and to USD 46.0 million.
The company's plant operated at 99% of its capacity in the second quarter of this year and processed 2.6 million tons of raw material, 295 thousand tones more than in second quarter of 2023. The higher processing volumes were due to shorter maintenance and modernization works at the plant. This led to a 6% increase in seaborne sales, while growing demand also led to a 6% increase in sales on continental markets.
"It is worth noting that macroeconomic conditions remain very dynamic around the world, but thanks to our team in Lithuania and the entire ORLEN Group, we achieved good results. Also, thanks to shorter than last year's spring modernization works, we managed to process more crude and bring more fuel to the market," says Marek Golębiewski, CEO of ORLEN Lietuva, commenting on the results of the second quarter.
He said that the priorities for the third quarter remain unchanged - to follow closely the trends in global markets and to continue the crucial modernization work at the plant.
"We are continuing the construction of the hydrocracker, which is the largest investment in the Mažeikiai plant since it was acquired by ORLEN Group. At the end of the project, we will have a modern plant in Lithuania, ready for various macroeconomic scenarios," says Mr. Golębiewski.
Last summer, a record-sized reactor - the main part of the RHCU - was successfully delivered to the plant. The reactor has already taken its vertical shape in the plant area, where very extensive engineering and construction work is underway. It is estimated that this investment will increase the yield of the company's so-called high-yield products by around 12 percentage points, from the current 72% to 84%. Once the hydrocracker is operational, it will be possible to produce a similar volume of products with around 2 million tons less raw material.
ORLEN Group is an integrated, diversified energy group, included in the prestigious Fortune Global 500 and Platts TOP250 lists. It was the first group in the region to announce its ambition to achieve climate neutrality targets in 2050. It has recently joined the list of the 150 largest companies in the world thanks to the completion of a number of recent mergers and acquisitions. ORLEN Group today operates in 10 markets: Poland, Czech Republic, Germany, Lithuania, Slovakia, Hungary, Austria, Canada, Norway and Pakistan.
ORLEN Lietuva inf.