The Unimot Group has published its 2023 results

Date of publication: 25.04.24


The Unimot Group has released its consolidated financial and operating results for the full year 2023. In that period, Unimot Group’s consolidated adjusted EBITDA amounted to PLN 243.8 million, and the consolidated adjusted net profit stood at PLN 63.3 million.

Unimot Group generated revenue of PLN 12,887 million in 2023. Consolidated EBITDA adjusted (for estimated valuation of obligatory liquid and gaseous fuel inventories, reasonable deferrals of costs and revenues, and one-time events) in 2023 stood at PLN 243.8 million, compared to PLN 513.7 million in 2022. The Unimot Group’s consolidated adjusted net income was PLN 63.3 million, compared with PLN 385 million in 2022.

In 2023, the Unimot Group focused on intensive risk management activities and maximizing market opportunities. In the face of a difficult environment caused, among others, by the situation in the local diesel market, the Group consistently minimized risks and strengthened its financial stability by diversifying its revenue sources. At the beginning of the year, the diesel market faced the challenge of the embargo on imports of this product from Russia, introduced on 5 February, and since August the prices of this product in Poland have been far below the quotations observed on world markets, which meant generating negative margins. In response, the company has adjusted to this decline, minimizing imports of this product to the bare minimum necessary to meet its obligations under the agreements concluded previously. Only in this way could the Unimot Group offset the negative effects prevailing in the diesel market. Despite the measures taken, it is estimated that there has been a loss of benefits of more than PLN 140 million, which would not have occurred if the market environment in H2 2023 had not differed significantly from the diesel trading conditions observed in previous periods. The end of 2023 brought some improvement and an increase in the efficiency of importing this product, but not to a level that would satisfy the Unimot Group.

Thanks to the results generated by the companies that Unimot Group acquired in 2023 and the development of other operations within the Group, the company managed to minimize the negative impact of the fuel market emergency on its financial results. The assets acquired by the Unimot Group in 2023 include the following companies: Olavion, Unimot Commodities, Unimot Terminals, Unimot Infrastructure, Unimot Bitumen, RCEkoenergia and Unimot Aviation.

“Last year was a landmark year from the perspective of more than 30 years of history of the Unimot Group. Seven entities have joined the Group, and are now fully integrated into our organization. Although our financial results reflect the impact of the unfavorable fuel market, we achieved the best possible results through far-reaching diversification of revenue sources. We have proven that we are flexible and able to remain competitive even in the face of extraordinary market conditions. At the same time, the drastic reduction in margins caused us, as in 2018, to review our operational efficiency and cost flexibility. Thanks to the implemented measures, we expect to achieve annual cost optimization of PLN 15 million from the second half of 2024,” says Adam Sikorski, president of the management board of Unimot S.A.

In the reported period, the Unimot Group generated the sales volume of diesel and biofuels at nearly 2 million cubic meters, and LPG sales exceeded 294,000 tons.

At the same time, Unimot’s Management Board decided to recommend to the Ordinary General Meeting of Shareholders that the standalone net profit of PLN 45 million be split, so that PLN 32.8 million be allocated for payment of dividends to shareholders, i.e. PLN 4.00 per share, and the remaining profit – to supplementary capital.
Unimot’s Supervisory Board, at its meeting on 23 April 2023, granted the Management Board’s request in this regard.

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