ORLEN Group ended the fourth quarter of 2023 with a LIFO EBITDA operating profit of PLN 11.2 billion and a net profit of PLN 7.3 billion. Total LIFO EBITDA for the whole of 2023 amounted to PLN 44.8 billion and net profit reached PLN 27.6 billion.
In the fourth quarter, ORLEN Group’s result was positively influenced by the gas segment, which generated an operating EBITDA of PLN 11 billion as a result of, among other things, lower gas acquisition costs and higher sales. ORLEN also increased sales volumes in the retail segment by over 20% (y/y), due to the acquisition of stations in Hungary and Slovakia.
“The results that ORLEN achieved last year are directionally in line with the Group’s strategic plans. However, it is crucial that ORLEN is able to fully exploit its potential created after the mergers. It is particularly important to implement projects supporting the future of the ORLEN Group and its transformation”, said Witold Literacki, acting President of the ORLEN Management Board.
“We already have RES capacity at the level of nearly 1 GW, which will steadily increase through investments and new acquisition processes. We are also investing in hydrocarbon production and the refining and petrochemical area. The Group’s planned capital expenditure for this year is over PLN 38 billion, of which nearly PLN 28 billion is earmarked for development investments. We have to carry out these plans in the most effective way, so it will be very important to select projects generating the highest returns and with the best prospects for our shareholders”, announced Witold Literacki.
In 2024, the construction of the first Polish Baltic Power wind farm will continue, as well as the development of the Group’s portfolio of upstream assets, including on the Norwegian Continental Shelf. At the Production Plant in Płock, the expansion of the Olefins Complex is underway and is scheduled for completion in 2027. This year, ORLEN will also pursue hydrogen projects, including the construction of more hydrogen refuelling stations.
Adrian Andrzejewski