Polish petrochemical group Orlen more than doubled its net profit in the first half of the year to PLN 5.93 billion (approximately CZK 34 billion). The company, which owns the Orlen Unipetrol refining group in the Czech Republic, announced this today on its website.
Extraordinary costs
The growth in net profit was helped by the fact that Orlen’s results in the first half of last year were hit by extensive extraordinary costs related to a windfall tax. This was introduced by the Polish government to finance a freeze on energy prices. Unlike net profit, Orlen’s revenue in the first half of this year fell to PLN 134.19 billion from PLN 151.84 billion a year ago.
Refining and petrochemical company Orlen Unipetrol announced today that it reported a net loss of CZK 5 billion in the Czech Republic for the first half of the year, with revenues of CZK 74.3 billion. The company did not provide a year-on-year comparison, but for the whole of last year it reported a loss of CZK 16.3 billion, following a profit of CZK 5.2 billion in 2023.
Shutdown
Orlen Unipetrol is the largest refining and petrochemical company in the Czech Republic. According to spokesman Pavel Kaidl, its half-year results were negatively affected not only by the continuing difficult economic situation and high energy prices, but also by a two-month shutdown at the petrochemical part of the plant in Litvínov.
The Orlen Unipetrol group includes refineries and production plants in Litvínov and Kralupy nad Vltavou, Paramo in Pardubice, Spolana in Neratovice, Remaq in Otrokovice, and a research center in Brno.
Source: ČTK
