Unimot has just released estimates of consolidated financial results for the first quarter of 2023. In accordance with preliminary data, consolidated adjusted EBITDA was PLN 104,9 million in the aforementioned period and revenue from external customers amounted to PLN 2,989 million.
The Group’s financial results in the same period last year were as follows: PLN 85,1 million consolidated adjusted EBITDA and PLN 2,320.7 million revenue from external customers.
It has been more than a year now since an independent Ukraine is fighting against a Russian aggressor. Throughout these difficult times, the world’s economies have done their best to function in the face of uncertainty and instability.
At Unimot, we continuously use our flexibility and employ a quick-response approach to make every challenge a business opportunity. We announced that the Group’s record financial result achieved in 2022 would be difficult to repeat. However, we are putting our great efforts to make it as best as possible in this difficult macroeconomic environment” – says Adam Sikorski, President of the Management Board of Unimot S.A.
The consolidated adjusted EBITDA in the first quarter of 2023 was mainly affected by continued high profit margins in the diesel segment resulting from market conditions related to the ban on exports of Russian diesel, which took effect on 5th February 2023, as well as the product availability upon the imposition of the said sanctions. Thanks to its business strategy, improved logistical capabilities, use of acquired rail tankers, and operational support from Olavion (which will become a part of the Unimot Group in March 2023), the Unimot Group has successfully benefited from the situation.
In the first quarter of 2023, the Group achieved robust sales volumes of diesel, petrol, and biofuels of 506,000 cubic metres (up 56% year on year) and increased sales of LPG by 47% year on year to 78,000 tonnes as a result of increased demand in the domestic market and meeting the fuel supply needs of the Ukrainian economy and population (delivery to Ukraine began at the end of the first quarter of 2022).
As a result of diversification of fuel supply directions due to the situation in Ukraine, the record volume exported to this market last year is unlikely to be repeated. However, we will continue to support Ukraine with fuel supplies by means of all available instruments. We are already exporting fuel to the Ukrainian market from the terminal located in Jasło, which was acquired on 7th April 2023 and has been primarily used for storing compulsory levels of stocks, and the product from this terminal is becoming increasingly popular – adds Adam Sikorski.
The successful implementation of the business strategy on electricity trading, which was adopted for this period, also had a positive impact on the results of the first quarter of 2023.
The final data will be made available in the report for the first quarter of 2023, which is scheduled to be released on 23rd May 2023.
