MOL Q4 Earnings Climb
Fourth-quarter net income of oil and gas company MOL rose 49pc year-on-year to HUF 107 billion despite declining revenue, state news wire MTI writes, citing an earnings report published ahead of the opening bell on Friday.
Revenue fell 12% to HUF 2.352 trillion.
The cost of raw materials fell 7% to HUF 1.792 tln and total operating costs dropped 11% to HUF 2.183 tln.
Operating profit declined 24% to HUF 169 bln.
Earnings per share from continuing operations reached HUF 149.
Full-year Earnings Fall
For the full year, MOL's net income dropped 38% to HUF 530 bln.
Revenue slipped 10% to HUF 8.966 tln.
The cost of raw materials declined 9% to HUF 6.761 tln and total operating costs fell 4% to HUF 8.288 tln.
Operating profit plunged 46% to HUF 678 bln.
EPS from continuing operations reached HUF 715.
A breakdown by business segment shows upstream revenue dropped 41% to HUF 724 bln and the operating profit of the business fell 61% to HUF 239 bln. Downstream revenue dipped 21% to HUF 7.211 tln and operating profit declined 48% to HUF 329 bln. Consumer services revenue rose 12% to HUF 3.635 tln and the operating profit of the segment jumped 59% to HUF 122 bln.
Waste Management Business Foundation for Growth
Chairman-CEO Zsolt Hernádi pointed to geopolitical, macroeconomic and industry tensions in 2023 and said the regulatory and tax policy environment had continued to put "additional significant pressure" on MOL. He added that the addition of waste management to MOL's portfolio had strengthened the company's integrated business model and provided "the perfect foundation and momentum for us to grow and evolve".
MOL unit Mohu took over a 35-year concession to manage Hungary's municipal waste collection in the summer.
MOL's EBITDA from the circular economy services division reached USD 37 million while it plowed USD 63 mln of CAPEX into the business.
MOL noted that its full-year clean EBITDA, at current cost of supplies, had reached USD 3.1 bln, beating guidance for USD 2.8 bln.
In guidance for 2024, MOL put clean CCS EBITDA at around USD 3 bln.
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