MOL Group Maintains Operational Stability

The oil and gas group Group MOL has disclosed its financial results for the full year as well as the fourth quarter of 2024. The normalization continued in the industry, which led to 23% decrease in profit before tax in 2024. Full-year 2024 organic investments increased by 16%, primarily due to higher sustaintype CAPEX in a turnaround-heavy year in Downstream.

The statement published on the website of the Budapest Stock Exchange has listed the main points of the annual report as follows:

• MOL Group’s profit before tax (PBT) down by 23% year on year almost enArely due to external environmental impacts;
• Downstream performed in line with strategic goals, with a slight decline compared to 2023, mainly due to the continued downtrend in refining margins;
• Upstream results were supported by both the price environment and production volumes;
• Consumer Services performance was driven by non-fuel expansion;
• Circular Economy was loss-making in 2024, primarily due to the high operating costs of the Deposit Return Scheme (DRS);
• MOL sets 2025 profit before tax guidance at around USD 1.6 billion.

Chairman and CEO Zsolt Hernádi commented on the results by ststting that "2024 was not an easy year for MOL Group. The Ukrainian-Russian war still imposed challenges which we had to tackle in order to guarantee the security of supply in our countries. Also, regulations, Government takes were still shaping the landscape of our business. On top of this, the uncertainties around the whole oil industry’s future have been still in the air. All of these put their marks on our profitability. Despite all this we managed to maintain a stable operation – of which I am very proud. Although last year the external environment limited our growth potential, we continued to selectively expand our porNolio, made progress with our strategic investments and took important steps to further strengthen the security of supply in the region."