MOL’s retail gasoline sales in Romania were stable in the first quarter, while diesel sales increased by 13.5 percent compared with the first three months of the previous year, according to the Hungarian group financial results for Q1 2017.
This comes after MOL recorded in 2016 an upward trend on Romanian market, diesel fuel sales registering an increase of 13.5 percent in 2016, to 477 kt, while gasoline sales increased 10 percent to 166 kt.
At group level, the Gas Midstream segment, a stable contributor to MOL’s overall results, reached USD 70 million EBITDA in the first quarter, up 4 percent year-on-year.
“The first quarter was an excellent start to the year 2017 with all our business segments posting robust earnings growth, as we were able to fully capture the benefits of a supportive external environment on the back of our systematic efficiency improvement efforts and low-cost, high-quality asset base. Downstream had its best ever Q1 on much improved asset availability and strong margins, Consumer Services (Retail) continued its impressive ascent, while Upstream successfully captured the benefit of higher oil prices and a very competitive cost base. These achievements provide a strong foundation for the rest of the year as we plan to deliver again at least USD 2 billion EBITDA and pass major milestones in the implementation of our MOL Group 2030 strategy,” Chairman-CEO Zsolt Hernádi commented the results.
Upstream EBITDA surged year-on-year by 50 percent and reached USD 219 million capitalizing on higher oil prices and the very competitive asset base. Downstream posted an all-time high first quarter clean CCS EBITDA delivering USD 324 million, which is 15 percent higher than in the same period of the previous year.