Poland’s largest refiner PKN Orlen, owner of Czech Unipetrol, more than tripled its net profit to PLN 9.01 billion (CZK 47.3 billion) in the first quarter of this year, boosted by revenues from Lotos and PGNiG, the companies PKN Orlen merged with last year.
More than double the increase
Revenues more than doubled to PLN 110.27 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to PLN 15.45 billion from last year’s comparable figure of PLN 4.93 billion.
The state-controlled firm took over gas company PGNiG and oil company Lotos last year. The mergers were part of a broader plan by Poland’s ruling Law and Justice (PiS) party to increase control over the economy and create so-called national champions to rival global players.
The refining company
PKN Orlen operates refineries in Poland, Lithuania and the Czech Republic. The group includes Orlen Unipetrol, which is the largest refining and petrochemical company in the Czech Republic. Orlen Unipetrol focuses on the processing of crude oil and the production, distribution and sale of fuels and petrochemical products, particularly plastics and fertilisers. It includes a network of Benzina Orlen petrol stations.
Source Czech Press Office