Highlights of the period:
- MOL profit before tax reached USD 503mn in Q3 2024, lower by 24% year-on-year but on track to meet annual guidance
- Downstream’s profitability was hit by significant turnarounds and Brent-based refining margins decreasing below 4 USD/bbl from 13 USD/bbl a year ago
- Upstream’s higher production rate was able to offset lower hydrocarbon prices
- Consumer Services marks flat year-on-year performance despite 5% lower stations in network
- Circular Economy Services was further strengthened by two acquisitions in the field of PET recycling while DRS (Deposit Refund System) went to full speed
Chairman-CEO Zsolt Hernádi commented the result:
"We closed a mixed quarter in September. Due to the very challenging macro and fiscal environment our Downstream business performed less good. This was counterbalanced by the good production performance of our Upstream – it is especially great that we achieve success in realizing potential in our mature assets in Hungary. It is also a very good sign that the Consumer Services managed to maintain its performance on flat while having significantly less service stations. The increased number of returned packages gives us a clear sign that our waste management is on good track and our strategic step to enter into the circular economy was a good one. Here we have great potential to develop further.
Again, our integrated business model and regional embeddedness proved to be a good combination to maintain financial stability and energy security. Besides, we keep delivering our strategic investment-program with special attention to projects that enhance smart transition. Also, I am very pleased that we could build further our partnerships in Azerbaijan and Türkiye and we are looking forward to flourish these in the future.”
