Unimot has published estimates of consolidated financial results for the second quarter of 2024. According to preliminary data, consolidated adjusted EBITDA (which accounts for the estimated valuation of compulsory emergency liquid and gaseous fuel stocks, justified cost and revenue reallocations, and non-recurring events) amounted to PLN 80 million in this period, and total revenue amounted to PLN 3 450 million.
The Group’s financial results in the same period last year were as follows: PLN 63 million consolidated adjusted EBITDA and PLN 3 249 million total revenue.
Unimot Group’s results in Q2 2024 were positively influenced by the activities of the bitumen segment, which achieved an adjusted EBITDA result of PLN 47 million during this period. In Q2 2024, Unimot Group sold 202 thousand tons of bitumens. This segment reaches its maximum sales volumes in Q2 and Q3 due to the peak season for road construction and repairs occurring in this period.
The infrastructure and logistics segment also had a positive impact on the financial results of the Unimot Group. During this period, it achieved an adjusted EBITDA of PLN 20 million. This segment includes fuel storage operations, which generate stable financial results. The segment also provides rail transport services, which have been on a downward trend in Poland since the beginning of the year.
In Q2 2024, the liquid fuels segment generated an adjusted EBITDA result of PLN 6.5 million. During this period, the Unimot Group operated in a market environment in which domestic diesel oil prices were at levels that did not ensure the achievement of the company’s assumed financial results on this product. Unimot consistently continues the process of diversifying its product portfolio and focuses on introducing and increasing the share of products that enable the development of a higher margin.
“In the second quarter of this year, at the Unimot Group, the Unimot Group took actions that were part of the implementation of the business strategy for 2024-2028, in which we have set ambitious goals for each area of the Group’s business operations. First of all, we are focusing on diversifying our activities and thereby acquiring new sources of revenue. As part of these efforts, in the second quarter, we started, among others, operations in the field of physical deliveries of marine fuels, developed sales of HVO fuel and rented an LPG terminal in Wilhelmshaven, Germany. It is worth emphasizing that in the second quarter, the bitumen and infrastructure and logistics segments had a particularly positive impact on the results of the Unimot Group, confirming that the market opportunities we seized delivered the best possible results,” said Adam Sikorski, President of the Management Board of Unimot S.A.
Regarding the operational results achieved in Q2 2024 by the Unimot Group in segments that were the main source of revenue for the Group until 2022, preliminary estimates indicate that the Group produced sales volumes of diesel, gasoline, and biofuels of 505 thousand m3 (a decrease of 1% y/y) and increased sales of LPG by 2% y/y to 70 thousand tonnes.
