Polish refiner sees revenue spike as oil prices rise

Poland’s biggest refiner, PKN Orlen, has recorded a chunky 52 percent increase in revenues year on year, thanks to a rise in the prices of oil, the state PAP news agency reported on Thursday.

Poland’s biggest refiner PKN Orlen, led by CEO Daniel Obajtek (pictured), has reported a 52-percent increase in revenues year on year, thanks to a rise in the prices of oil.

PAP/Rafał Guz

PKN Orlen said its earnings before interest, depreciation and amortisation (EBITDA LIFO) totalled PLN 4.3 billion (EUR 930 million) in the third quarter of this year, an increase of PLN 2.3 billion (EUR 500 million) on the corresponding period of 2020.

Meanwhile, sales rose by 2 percent, according to the company's Q3 2021 financial results. 

PKN Orlen, which is led by CEO Daniel Obajtek, said the spike in revenues was mainly attributable to higher prices of refinery and petrochemical products, caused by a surge in oil prices over the past 12 months. 

Oil-processing, petrochemicals and energy accounted for 75 percent of the earnings, the company said, as quoted by PAP.

W trzecim kwartale dobre wyniki odnotowały segmenty rafinerii i petrochemii, które wraz z energetyką odpowiadały za 75% zysku operacyjnego EBITDA LIFO. Wzrost wyniku o 511 mln zł (r/r) odnotował segment petrochemiczny, w którym realizujemy obecnie największe inwestycje w Europie pic.twitter.com/VfPr71k1l7

— Daniel Obajtek (@DanielObajtek) October 28, 2021

(pm/gs)

Source: PAP