The MOL Group has announced that it is in the graph with pre-tax profit (EBITDA), which reached half-year to half of the programmed value.
At the same time, during H1, retail diesel sales of MOL Romania increased by 3.1%, reaching a level of 262kt. Retail gasoline sales registered a very slight decrease of 1.3%, reaching a level of 77kt, in the same period.
Upstream EBITDA was 10% lower in H1 2019 at USD 553mn, as higher volumes were more than offset by lower oil and gas prices. The segment remained the largest free cash flow generator of the Group. Average daily hydrocarbon production was 113.600 barrels of oil equivalent per day (boepd) higher by 4% year-on-year.
Downstream Clean CCS EBITDA amounted to USD 403mn in H1 2019, 18% lower year-on-year. Materially weaker refining macro put pressure on EBITDA.
Consumer Services EBITDA growth remained double-digit in local currencies, driven by the continued dynamic expansion of both non-fuel and fuel margins, but slowed to 6% year-on-year in USD-terms to USD 207mn in the first six months. The segment is still supported by the strong economic growth of the CEE region, including the continued around 3% growth of the fuel markets.
The Gas Midstream segment reached USD 89mn EBITDA in the first half-year, down by 24% year on year. Following the recent acquisition of the Slovak-Hungarian natural gas interconnector, FGSZ (MOL Gas Midstream) becomes the single gas Transmission System Operator (TSO) in Hungary.
“Our … business model allowed us to deliver USD 1.15bn EBITDA in the first half of 2019, only slightly behind last year’s outstanding level, despite lower oil prices and much weaker refinery margins. We thus remain well on track to meet or beat our full-year guidance of USD 2.3bn Clean CCS EBITDA. We continued to generate positive simplified free cash flow even at a time when we spent nearly USD 300mn on strategic transformational projects, including the new polyol plant, which is progressing in line with plans and schedule,” said Chairman-CEO Zsolt Hernádi.