Fuel operator MOL Group has reported a near-quadrupling of EBITDA in the second quarter from its Consumer Services business, which includes its Fresh Corner forecourt retail business.
The Budapest-based group reported Q2 EBITDA of $175 million (€159.4 million) in Consumer Services, noting that the easing of retail price cap regulations in Central and Eastern Europe helped boost non-fuel sales.
Consumer Services Contribution
Consumer Services contributed almost 43% of the overall group's total EBITDA, while sales volumes in the division increased by 16% year-on-year, it added.
As of the second quarter of the year, MOL Group operated a network of 1,180 Fresh Corner sites, up from 1,103 in the corresponding period the previous year.
At group level, MOL Group reported EBITDA of $411 million (€374.3 million) in the second quarter, with both downstream and upstream operations impacted by 'worsening macro conditions' and increased government levies.
Impact On Results
“The macro environment was not good enough to counterbalance the negative effects of governments’ interventions in the CEE region that have no doubt left their marks on our results in the first half of the year and especially in the second quarter of 2023," commented MOL Group chairman and CEO Zsolt Hernádi.
"The current level of governments’ takes – unless these extraordinary measures are phased out in the near future – will deteriorate MOL Group’s competitiveness and burden our cash flow generation needed for our investment plans. Disregarding the negative external effects, MOL Group’s operational performance was robust, the businesses continued with their strategic investments and MOL Group also managed to launch its new waste management business line.”
For the full year, MOL Group has set its EBITDA guidance at approximately $2.5 billion (€2.28 billion).
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