Clarion Partners - Owner's Engineer

Hungary: MOL’s EBITDA declined by 36% in 2023

, SEE Energy News

The Hungarian oil company operating in Serbia recorded a pre-tax profit of 1.936 billion dollars, a decrease of 36 percent compared to 2022, attributed to a challenging macroeconomic climate, turbulent oil industry, chaotic tax policies, and government measures, as stated by the company. The net EBITDA (earnings before interest, taxes, depreciation, and amortization) of the group in the fourth quarter of 2023 amounted to 992 million dollars, representing an eight percent decrease compared to the fourth quarter of 2022. MOL anticipates achieving a pre-tax profit of approximately 1.6 billion dollars in 2024, with EBITDA reaching around three billion dollars.

“Due to extraordinary and challenging external circumstances, our pre-tax profit was reduced in 2023. This comes as no surprise after a year dominated by geopolitical, macroeconomic, and industrial tensions, along with significant additional pressures from the regulatory and tax environment. Despite these challenges, we performed better than expected, thanks to operational and cost efficiency, and a prudent investment policy that managed to mitigate the effects of the external environment,” stated Zolt Hernadi, the CEO and Executive Director of MOL Group.

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