Financial results of UNIMOT S.A. for the third quarter of 2022

Date of publication: 16.11.22


UNIMOT S.A., a Warsaw Stock Exchange (WSE) listed independent importer of liquid and gaseous fuels, published the consolidated financial statements for the third quarter of 2022. Consolidated adjusted EBITDA amounted to PLN 120.7 million within the period in question, which constitutes an increase of more than 900 % in comparison to the financial results gained in the third quarter of 2021.

The UNIMOT Group’s total consolidated revenues generated in the third quarter of 2022 amounted to PLN 3,814 million, which constitutes an increase of approximately 83 % as compared to the previous year. Consolidated adjusted EBITDA (adjusted for the estimated valuation of the compulsory (emergency) stocks of liquid and gaseous fuels, justified transfers of costs and revenues and one-time events) in the aforesaid period amounted to PLN 120.7 million as compared to PLN 12 million gained in the third quarter of 2021. The net profit amounted to PLN 41 million in the third quarter of 2022 as compared to PLN 4 million gained in the third quarter of 2021.

Our flexible approach and quick response to emerging market opportunities has always been our priority. This year, our business strategy bears exceptional fruit, in spite of the uncertainty within the markets and an unfavourable macroeconomic environment. The third quarter of 2022 brought the Unimot’s Group record-breaking results, of which I am very proud. Having considered challenges ahead of us, we are constantly looking for subsequent opportunities to expand our business through segments allowing for the completion of the value chain and achievement of synergy effect. Therefore, we are now putting our great effort into investment in logistics. As a result, we have already purchased rail tankers, which will be able to be used in the first quarter of 2023. In addition, we have initiated the acquisition process of a company having locomotives, drivers and the relevant licences for the provision of freight and shipping services. I am sure that these will be quick-return investments, and that the acquired assets and know-how will positively affect the operational and financial results of our Group in the subsequent quarters,” says Adam Sikorski, President of the Management Board of Unimot S.A.

The Unimot Group’s consolidated adjusted EBITDA in the third quarter of 2022 was mainly affected by the current war in the territory of Ukraine and associated uncertainty within global markets, the impact of sanctions imposed on Belarus and Russia, an increase in the sales volumes of diesel fuel, petrol and biofuels by 20.8 % calculated on a year-to-year basis, i.e., to 492,000 cubic metres and LPG gas by 29.6 % to 68,200 tonnes due to increased demand on the national market and Ukrainian customers’ needs, the sale of certain compulsory stocks of liquid and gaseous fuels as a consequence of organisational changes associated with the separation of fuel, biofuel and LPG trading activities into Unimot Paliwa, which generated PLN 23 million in adjusted EBITDA, as well as logistics-related challenges limiting the market opportunities.

The UNIMOT Group is consistently implementing its business strategy in terms of expanding the AVIA petrol station network. It should be noted that this network was expanded by 20 petrol stations within nine months of 2022. At the end of September 2022, the AVIA petrol station network based in Poland had 105 petrol stations, including 33 operated by UNIMOT in accordance with the CODO model (Company Owned Dealer Operated) and 72 in line with the DOFO model (Dealer Owned Franchise Operated). In addition, UNIMOT is developing the cooperation with the SPAR distribution centres by launching subsequent SPAR Express stores at AVIA petrol stations. At the end of September 2022, there were 25 SPAR stores open. It is also worth noting that in the third quarter of 2022, the sales volume of 60 million litres of fuel at AVIA petrol stations was exceeded. Therefore, the aim of the UNIMOT Group is to maintain dynamic growth in sales volume together with the expansion of the network.

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