Bogdan Tudorache
The MOL Group announced a $664 million CCS EBITDA operating result for Q1 2021, 7% more than the same quarter of last year, despite the third wave of the Covid-19 pandemic and travel restrictions and quarantine imposed in Central and Eastern Europe.
In Romania, retail sales of fuels increased in the first three months of the year, compared to the same period of 2020. Thus, retail sales of gasoline were of 38 kt, up 4.7% compared to Q1, 2020. As for diesel, the increase was of 3.1%, with sales reaching 132kt.
Solid oil and gas prices, a record petrochemical margin and the good performance of the Consumer Services segment contributed to these results. The MOL Group generated a simplified free cash flow of $383 million, 17% higher than a year ago.
“We achieved an EBITDA result of over 660 million USD in Q1 2021, a great achievement taking into account the pandemic situation in recent months. The solid performance is the result of the strategic initiatives so far, supported by the resilient and integrated business model. I am extremely pleased to see a series of positive results in the Petrochemistry and Consumer Services segments, the two important pillars of the transformation strategy,” said Zsolt Hernádi, CEO and Chairman of MOL.
“Exactly a year ago we said that we are entering a period marked by uncertainties, but at MOL we certainly learned how to adapt and the crisis made us stronger. Vaccination and the gradual relaxation of restrictions in our region give us reason to be optimistic. I am glad that we resumed the payment of dividends after their cancellation last year, because we want to enjoy good results together with our investors.
”Q1 proved to be an important new milestone in the Group’s history. We have published the 2030+ ‘Shape Tomorrow’ Strategy which will further accelerate the pace and scale of our transformation into a key player in the low carbon circular economy of CEE. With such results, I am convinced that we have created a solid foundation on which we will be able to shape the economies of the future together with all those involved,” he added.