Hungary: MOL revenue fell 13 % 2014, net profit sank 50%

, SEE Energy News

Hungary’s MOL net revenues from the sale totaled about 21 billion dollars last year, which is 13 percent less than a year ago, while net profit attributable to equity holders fell nearly 50 percent, according to a financial report of that oil companies released on Tuesday.

Net revenues from sales in 2014th amounted to 20.975 billion dollars and they were 13 percent lower than a year earlier. At the same time, the net profit attributable to equity holders was decreased by 49 percent to 50 million dollars.

Clean CCS EBITDA reached 2.2 billion dollars last year, which is 6 percent less than the year before.

“The year 2014th proved to be strong for the MOL Group, despite the fact that we have already felt the effects of the changed environment related to oil prices. Our annual result clearly demonstrates the strength and resilience of our integrated business model”, said MOL president and executive director of Zsolt Hernadi in the business results commentary.

MOL Group has announced a new three-year program of oil exploration and extraction, which seeks to maximize cash generation with further improved efficiency and development projects.

This program intends achieve 1.3 billion dollars of EBITDA and 0.9 billion dollars of normalized cash flow by 2017th.

Among other things, it points out that the MOL production is on the rise since mid-2014th, and has already exceeded 100 million barrels of oil equivalent per day (mbopd), and it is on track to grow by 10 percent in 2015th compared to last year, at 105 to 110 mbopd.

In retail, however, MOL focus will be on the rise of other products sale, with fuel and further acquisitions.

In the MOL estimate that they will achieve CCS EBITDA in the amount of 2 billion dollars in 2015th, assuming that the oil price will amount to about 60 dollars per barrel.

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