Orlen's quarterly EBITDA in Poland increases 73.8% year-on-year
Orlen, a Polish energy company, reported Thursday a 73.8% increase in earnings before interest taxes, depreciation, and amortization. This was slightly higher than analysts' expectations of 11,11 billion. The strong performance in the upstream and gas segment drove this.
The company announced that it would recommend an increase in dividends to 6 zlotys for each share, from 4.15 zlotys for 2023.
This amount is made up of a progressive dividend guaranteed of 4,50 zlotys and an additional premium, of 1,50 zlotys. The latter depends on the financial performance and state of the company.
Orlen's shares are up 4.0% as of 0900 GMT. This is higher than the WIG20 blue-chip index.
"We achieved excellent operational results." In a press statement, CEO Ireneusz Fafara stated that the strategy was well received by market participants.
We generated a lot of cash so we can give shareholders a record-breaking dividend.
The record energy price in 2023 caused the total net profit to drop from 20,92 billion zlotys to 7,98 billion zlotys for 2024.
Orlen is a major energy group in Central and Eastern Europe. Saudi Aramco is its largest crude supplier, while pipeline gas and liquefied gas are imported from Norway, the United States and Qatar.
(source: Reuters)
