Unimot has published its financial results for the second quarter of 2023

Date of publication: 19.09.23

Unimot has released its consolidated financial and operating results for the second quarter of 2023. The Unimot Group’s consolidated adjusted EBITDA was PLN 62.8 million, and its consolidated net profit amounted to PLN 31.9 million.

In the second quarter of 2023, the Unimot Group generated total revenues of PLN 3,249 million. In the second quarter of 2023, the consolidated adjusted EBITDA (adjusted for the estimated valuation of the compulsory (emergency) stocks of liquid and gaseous fuels, reasonable transfers of costs and revenues and one-time events) amounted to PLN 62.8 million as compared to PLN 74.3 million gained in the second quarter of 2022. The consolidated net profit of the Unimot Group amounted to PLN 31.9 million in the reported period.

The second quarter of this year demonstrated the importance of diversifying the business. We successfully achieved this strategic goal, and the results can now be observed. We managed to keep the Unimot Group’s performance at a good level, generating about 60% of EBITDA through all new entities acquired since the beginning of 2023, despite a difficult market environment that had a significant negative impact on the diesel segment result. I would like to emphasise the importance of the asphalt business, which is rapidly growing and is quickly becoming one of the leaders among our Group of Companies. “While we hope the war will come to an end on our eastern border as soon as possible, at the same time we perceive this as an extremely promising business due to the future needs of Ukraine” says Adam Sikorski, President of the Management Board of Unimot S.A.

In the second quarter, the performance of the Unimot Group was mainly affected by the new businesses that enriched the Group in 2023. In the case of the diesel segment, which has generated approximately 75% of the Group’s EBITDA, there were some concerns at the beginning of the year about the availability of this product due to the Russian import embargo. However, it soon became clear that the product was available, but its import was becoming increasingly unprofitable due to a decline in the so-called territorial bonus, which is a determinant of import profitability. This resulted in a significantly lower financial results for this segment in relation to the goals set.

In the second quarter of 2023, the Unimot Group sold 509.9 thousand m³ of diesel, gasoline, and biofuels (decrease 4% year-on-year) and increased LPG sales by 7% year-on-year to 68.7 thousand tonnes. In the reported period, asphalt product sales amounted to 113.8 thousand tonnes.