Unimot Group has published results for 2nd quarter of 2024.

Date of publication: 20.09.24

Unimot has presented consolidated financial and operating results for 2nd quarter of 2024. Consolidated adjusted EBITDA for the period amounted to PLN 80 million, and consolidated net profit reached PLN 39 million.

Unimot Group’s total revenues for 2^nd quarter of 2024 amounted to PLN 3,483 million. Consolidated adjusted EBITDA (taking into account the estimated valuation of mandatory liquid fuel inventory and gas, cost and revenue deferrals and single-time events) amounted to PLN 80 million, compared to PLN 63 million in the same period of 2023. Net profit for the reported period amounted to PLN 39 million.

– The results generated in the 2^nd quarter of this year confirm the effectiveness of our diversification strategy. During the said period, we continued to acquire new sources of revenue, including the fact that we started physical deliveries of marine fuels, developed sales of HVO fuel, and opened our first automated AVIA Truck station. We also continued to increase the flexibility of the supply chain through, amongst others, the lease of an LPG terminal in Wilhelmshaven,” says Adam Sikorski, CEO of Unimot S.A.

The Unimot Group has divided its business segments into three key areas in its new business strategy for 2024-2028. According to this division, in 2^nd quarter of 2024, Unimot Group generated PLN 50 million in adjusted EBITDA in the “core business areas,” which include fuels, biofuels, LPG, bitumen, aviation fuels and solid fuels. The “logistics” area, which includes fuel terminals, fuel stations and rail logistics, generated a result of PLN 21.3 million. In turn, the “transition and transformation” area, which includes natural gas, electricity, heat and renewable energy sources, generated the result of PLN 9.1 mln.

The Unimot Group’s results in 2^nd quarter of 2024 was positively influenced by the bitumen segment, which generated an adjusted EBITDA of PLN 44.6 million. The maximization of this segment’s sales volumes was related to the road construction and rehabilitation season, which reached its peak during the said period.

The infrastructure and logistics segment also contributed significantly to the financial results, achieving an adjusted EBITDA of PLN 23.9 million. This segment includes operations related to fuel storage, which generates stable results, and rail transportation services. However, it should be noted that the rail freight market in Poland has been on a downward trend since the beginning of the year.

The liquid fuels area generated in 2^nd quarter of 2024 an adjusted EBITDA result of PLN 7.6 million. The continued level of land premium limited the ability to generate higher margins. Nevertheless, Unimot has consistently continued to diversify its product portfolio, focusing on introducing and increasing the share of higher-margin products.

– The cost analysis carried out at the UNIMOT Group has yielded concrete results. We expect annual savings of PLN 15 million, starting in the second half of 2024. Moreover, I am pleased to note that operational optimization is progressing effectively, covering all the UNIMOT Group entities, including the companies acquired in 2023. This process undoubtedly strengthens our position in the market. We look to the future with optimism, having a solid foundation for further intensive development,” adds Adam Sikorski, CEO of Unimot S.A.

In the 2^nd quarter of 2024, liquid fuel sales volume amounted to 518 thousand m³ (up 0.3 percent year-on-year), LPG sales reached 70 thousand tons (up 2 percent year-on-year), while natural gas sales amounted to 394 GWh (up 204 percent year-on-year).