MOL 2022 Earnings Climb


Net income of Hungarian oil and gas company MOL rose 62% to HUF 852 billion in 2022, results published ahead of the opening bell on Friday show.

Revenue climbed 71% to HUF 9.912 trillion.

The cost of raw materials and consumables rose at the same pace to HUF 7.458 tln. Total operating costs increased 65% to HUF 8.653 tln.

MOL's pre-tax profit jumped 108% to HUF 1.155 tln, but a HUF 466 bln income tax expense - a multiple of the HUF 47 bln in the base period - weighed on the bottom line.

The data released by MOL show that tax costs included HUF 200 bln paid on a windfall profit tax.

Basic earnings per share from continuing operations came to HUF 928, up from HUF 673 in 2021.

In a press release, MOL noted that the estimated impact of fuel price regulations and windfall taxes across its core CEE region came to more than USD 1.6 bln in 2022, compared to a total Ebitda of USD 4.7 bln, at the current cost of supply.

Adjusted for one-offs, upstream Ebitda came to USD 2.2 bln and downstream Ebitda to USD 2.1 bln. The Ebitda of MOL's consumer services business reached USD 320 mln.

MOL chairman-CEO Zsolt Hernádi said the war in Ukraine and its impact on supply security, along with unpredictable macro conditions and regulatory measures, produced "unprecedented challenges" for MOL in 2022.

Still, MOL generated "robust" Ebitda, he added, allowing the continued pursuit of its 2030 strategy to invest in new, low-carbon, circular economy businesses, he noted.

Hernádi said MOL's entry onto the waste management market with the award of a 35-year municipal waste management concession was a "big step" towards its circular economy-related strategic goals.

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