Unimot Group published its results for first quarter of 2024

Date of publication: 31.05.24

Unimot Group has published its consolidated financial and operating results for the first quarter of 2024. Unimot Group’s consolidated adjusted EBITDA for the said period amounted to PLN 47.5 million, and revenues amounted to PLN 2,996 million.

The Group’s results in the same period last year were, respectively: PLN 104.9 million in consolidated adjusted EBITDA and PLN 3,279 million in total revenues.

In the first quarter, we felt the effects of the challenging environment, as well as the seasonality that accompanies one of our currently leading business segments, namely bitumen. Results of the first quarter, however, show above all how important was the business diversification we carried out in 2023. Thanks to the seven companies acquired last year, which are today an integral part of the Unimot Group, we generate stable results regardless of market conditions. The performance of the 2024-2028 business strategy, which we published a month ago, will allow us to further diversify our revenue sources and to maximize the potential of each business segment – says Adam Sikorski, CEO of Unimot S.A.

In the new business strategy for 2024-2028, the Unimot Group has grouped its business segments into 3 key areas. According to this division, in the “core business areas,” which include fuels, biofuels, LPG, bitumen, aviation fuels and solid fuels, the Unimot Group generated PLN 11.6 million in adjusted EBITDA in the first quarter of 2024. The “logistics” area, i.e., fuel terminals, fuel stations and rail logistics, generated a result of PLN 18.3 million in the period, while the “transition and transformation” area, i.e., natural gas, electricity and heat and renewables, achieved a result of PLN 23.6 million.

In the reported period, liquid fuel sales volume was 479 thousand cubic meters, LPG sales volume was 72 thousand tons, natural gas sales volume was 677 GWh, and electricity sales volume was 386 GWh.

In the first quarter of 2024, the Unimot Group expanded its offer for wholesale customers to include HVO (Hydrogenated Vegetable Oil) fuel, which enables a reduction in CO2 emissions of up to 94% compared to diesel fuel (ON). In May 2024, the company became the first in Poland to start selling this fuel also at gas stations. In the first quarter of 2024, the Group began trading in marine and aviation fuel, and in April 2024 signed a letter of intent with Peninsula Petroleum Limited to cooperate in the physical supply of marine fuel at Polish ports. In May 2024, as part of preparation for the entry into force of sanctions on Russian LPG, Unimot Group signed agreements for the transshipment and storage of LPG at the German terminal in Wilhelmshaven (with a volume of about 8,000 tons), and plans to sign an agreement for the storage of diesel fuel at this terminal (with a volume of 78 thousand m3).