Despite the decline in fuel margins in Poland and having only 13% of the share of the Polish retail segment in the EBITDA LIFO profit, Polish Oil Concern ORLEN generated a record result of PLN 14.2 billion last year. The intensively developed petrochemical and energy segments had the largest share in the results, informed Daniel Obajtek, President of the Management Board of PKN ORLEN.
The Polish concern clarified this information in a statement: PKN ORLEN in 2021 achieved a net profit of PLN 10.2 billion and an operating profit of EBITDA LIFO of PLN 14.2 billion. In 2016-2021, the total net profit generated by PKN ORLEN was over PLN 36 billion. In 2008-2015, this profit amounted to only PLN 2.9 billion.
Sales revenues amounted to PLN 131.6 billion. In 2021, PKN ORLEN strengthened its position and maintained financial ratios at a safe level. The concern generated cash flows from operating activities in the amount of PLN 13.4 billion, maintaining the investment ratings: BBB – with a positive perspective by the Fitch Ratings Agency and Baa2 with a positive perspective by the Moody’s Agency.
Stable financial foundations from 2021 are also based on green bond issues. In line with the ORLEN2030 strategy, further acquisitions and development projects were continued. Also, new key investments were launched, including the Research and Development Center in Płock and installation for the production of green glycol in Trzebinia.
Daniel Obajtek, President of the Management Board emphasizes that PKN ORLEN effectively implements the assumptions of the strategy, developing and at using the potential of the entire ORLEN Group. Combined with effective management, it brings the expected results. The record results that PKN ORLEN achieved in 2021 are the result of the right decision to diversify its activities.
According to Obajtek, it is the result of consistent investments in the core business of ORLEN, with simultaneous involvement in the development of new areas, which translates into specific benefits.
Daniel Obajtek added that PKN ORLEN has strong financial foundations and is well prepared for new strategic challenges. It is primarily the construction of an integrated multi-energy concern that will be a leader in the energy transformation in Central Europe. The profit generated last year will contribute to the implementation of PKN ORLEN’s next investments, including low and zero-emission energy. They will strengthen the group’s position on the international market, building its lasting value for shareholders and the strength of the Polish economy.
Adrian Andrzejewski