MOL Group Upgrades its 2017 Target

Maritime Activity Reports, Inc.

August 3, 2017

Photo: MOL Group

Photo: MOL Group

 MOL Group announced a net profit of HUF 183bn (USD 639mn) for the first half of the year, which is the highest in 10 years.

 
All business segments increased their earnings implying a 23% growth of Clean CCS EBIDTA in comparison with the same period last year. MOL has also reached a significant milestone in its petrochemicals transformation journey set out in the 2030 strategy through the signing of key licencing contracts for its flagship Polyol Project.
 
Zsolt Hernádi, MOL Group Chairman-CEO, commented on the results: “We are materially upgrading our full-year 2017 guidance to above USD 2.3bn Clean CCS EBITDA (from USD 2bn+) thanks to the very strong performance of the Group in the first half of the year, which was a further testament to our resilient integrated business model and asset quality."
 
Zsolt added: "We have also reached a significant milestone in our petchem transformation journey set out in the 2030 strategy as we have recently signed key licencing contracts for our flagship Polyol Project. Progressing with the MOL 2030 strategy is as much of a priority as to continue to generate the maximum return on our existing assets.”
 
The first half of 2017 was marked by important milestones in the implementation of MOL Group’s 2030 strategy. The partnership agreements with Evonik and thyssenkrupp for MOL’s flagship investment into the propylene oxide value chain will give impetus to its petrochemical expansion and pave the way to become the leading chemical group in CEE. 
 
Furthermore, MOL is a step closer to build a network of 250+ electric vehicles chargers in CEE as part of the NEXT-E consortium, which received for this purpose EUR 19mn of EU funding.
 
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