MOL’s Q1 2023 clean current cost of supplies (CCS) earnings before interest, taxes, depreciation and amortisation (EBITDA) for its petrochemical division slumped year on year to a loss of $48m as margins remained under substantial pressure, the Hungarian producer said.
MOL’s petrochemical integrated margin fell 33% to EUR329/tonne in the first quarter of 2023 from EUR488/tonne in the first quarter of 2022. In the fourth quarter of 2022, it stood at €398/tonne. By April 2023, it was recorded at EUR371/tonne.
Q1 2023 petrochemical product sales volume amounted to 325,000 tonnes, versus 359,000 tonnes in Q1 2022 and 280,000 tonnes in Q4 2022.
MOL noted petrochemicals clean CCS EBITDA remained in the red for a second straight quarter. The Q1 2023 loss of $48m followed on from a Q4 2022 loss of USD7m.
Overall, MOL, an integrated oil, gas and petrochemicals group, recorded a net profit of Hungarian forint (Ft) 160.6bn (USD471.5m) in the first quarter, marking a decline of 28% from Ft222.3bn in the fourth quarter of 2021.
Q1 2023 group net sales were up 8% year on year to Ft2.05tr.
We remind, MOL expects to be able to choose between Russian or non-Russian crude for its refineries by 2026, its Chairman and Chief Executive Zsolt Hernadi told Reuters, by implementing substantial investments.
mrchub.com