MOL Group has come out with its financial results for H1 2017 which show that all business segments increased their earnings, reflecting a 23% growth of Clean CCS EBIDTA in comparison with the same period last year.
Through the signing of key licensing contracts for its flagship Polyol Project, MOL has also reached a significant milestone in its petrochemicals transformation journey set out in the 2030 strategy.
Posting an EBITDA of HUF 128bn (USD 447mn), which is 45% higher year-on-year, and generating a hefty amount of free cash flow at USD 321mn, Upstream realized robust results in the first half of 2017. Delivering HUF 186bn (USD 652mn), Downstream once again posted record high half-year Clean CCS EBITDA representing an 8% increase year-on-year.
“We are materially upgrading our full-year 2017 guidance to above USD 2.3bn Clean CCS EBITDA (from “USD 2bn+”) thanks to the very strong performance of the Group in the first half of the year, which was a further testament to our resilient integrated business model and asset quality,” said Zsolt Hernádi, MOL Group Chairman-CEO. “We have also reached a significant milestone in our petchem transformation journey set out in the 2030 strategy as we have recently signed key licensing contracts for our flagship Polyol Project. Progressing with the MOL 2030 strategy is as much of a priority as to continue to generate the maximum return on our existing assets.” PWKD08082017