MOL Group announced its financial results for Q4 and full year 2022, said the company.
The company generated USD 1,074mn in Q4 2022, bringing full-year EBITDA to USD 4,702mn. Upstream and Downstream together provided 95% of this result in half-half proportion, supported by the overall positive oil macro environment.
Chairman-CEO Zsolt Hernadi commented the results: “Last year was a real test from every possible aspect in our industry, I am proud to say that MOL managed to navigate successfully through the countless challenges and delivered both operationally and financially. The war in Ukraine and its consequences on supply security, the unpredictable macro conditions and regulatory measures have brought unprecedented challenges to MOL’s skilled employees who did great during the constant crisis situation.
The robust EBITDA in 2022 – even with the extreme high taxes, price caps and regulatory measures in place – gives the possibility to continue our transformational and development journey laid down in the Shape Tomorrow 2030+ strategy. Accordingly we made inaugural investments in green hydrogen production, and set foot in waste management that is a big step towards our circular economy-related strategic goals.
It is clear to us that 2023 will be no easier, but I believe that MOL’s proven resilience will help us navigate through these uncertain times with confidence.”
We remind, MOL Petrochemicals, a subsidiary of the Hungarian oil and gas giant MOL Group, recently laid the groundwork for a new propylene facility in Tiszajvaros, Hungary. The factory is constructed as a greenfield investment for roughly USD191 M and will generate 100,000 tonnes/y of propylene, meeting a quarter of MOL's chemical material demands and enhancing the company's self-sufficiency. The factory will supply propylene for the polyol site that is already under development. The new factory fits perfectly with MOL Group's aim of increasing the proportion of non-fuel goods in its range. MOL Group has contributed around USD4.5 bn to initiatives that will transform Tiszajvaros into the region's main chemical capital. The new facility will play an important part in the development process since it will offer a consistent supply of materials for MOL Petrochemicals' three product lines.
mrchub.com