UNIMOT S.A., a Warsaw Stock Exchange-listed independent importer of liquid and gaseous fuels, has published estimates of consolidated financial results for the third quarter of 2022. According to preliminary data, in that period consolidated adjusted EBITDA amounted to PLN 124 million.
According to estimates, the consolidated total revenue in Q3 2022 of Grupa UNIMOT was PLN 3,786 million. Consolidated EBITDA adjusted (for estimated valuation of obligatory liquid and gaseous fuel inventories, reasonable deferrals of costs and revenues, and one-time events) in Q3 2022 stood at PLN 124 million, compared to PLN 12 million in Q3 2021.
We continue to grapple with uncertainties related to raw material prices and logistics, but our financial results achieved in Q3 2022 proved that the business and organizational solutions implemented after the war broke out as well as new business contacts established, have successfully kept the Group on a growth path and ensured the development of record financial results. One of the key measures in response to the logistics challenges that emerged after the outbreak of war in Ukraine was acquisition of new rail tank cars, of the total capacity of more than 8,000 cubic meters, for the transportation of diesel and gasoline. The purchased railcars will be an important addition to the Grupa Unimot’s logistics base and will be primarily used by the Group and, as far as possible, will be made available to external entities. The development of our own rail resources will allow us to increase the efficiency of liquid fuel trading,” says Adam Sikorski, CEO of Unimot S.A.
The main impact on consolidated adjusted EBITDA in Q3 2022 was the ongoing war in Ukraine and the resulting high uncertainty in global markets, as well as the effects of the sanctions introduced on Belarus and Russia, the increase in sales volumes of diesel, gasoline and biofuel by 21 percent year-on-year to 492,000 cubic meters, and LPG by 30 percent to 68,000 tons as a result of increased demand in the domestic market and from Ukrainian customers, the sale of a portion of mandatory stocks as a result of organizational changes related to the spin-off of the fuel, biofuel and LPG trading business to Unimot Paliwa, which contributed to PLN 23 million in adjusted EBITDA, as well as logistics challenges limiting the ability to take advantage of market opportunities.
Estimates were made to the best knowledge of the management board as of the date of preparation and are subject to change. The final figures will be published in the interim report for Q3 2022.
