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

Date of publication: 22.11.23

Unimot has announced its consolidated financial and operating results for the third quarter of 2023. The Unimot Group’s consolidated adjusted EBITDA was PLN 29.2 million, and its total revenue amounted to PLN 3.3 billion.

In the third quarter of 2023, the Unimot Group undertook intense efforts aimed at taking full advantage of market opportunities and successfully managing the challenges that emerged during that time. The goal of every action was to strengthen the Unimot Group’s position and value while implementing the business plan.

The local diesel market situation was an extraordinary factor that affected the Group’s consolidated financial results in the third quarter of 2023. As of the second half of August 2023, diesel prices in Poland were significantly lower than those seen on international markets. This indicates that imports of diesel were producing negative margins. In order to mitigate the adverse effects of these circumstances, the Group limited the amount of imported diesel to that required to fulfil its obligations under the previously signed contracts. Despite actions taken, the Group lost PLN 72.4 million in profits as a result of the aforementioned circumstances, which would not have occurred if the market environment in Q3 2023 had not differed significantly from the diesel trading conditions in place previously.

The financial performance of the Unimot Group’s acquired companies in 2023, as well as the other businesses developed within the Unimot Group, more than compensated for the effects of the fuel market emergency situation. The assets acquired by Unimot Group in 2023 are as follows: Olavion, Unimot Commodities, Unimot Terminals, Unimot Infrastruktura, Unimot Bitumen, RCEkoenergia and Unimot Aviation.

Since the start of Unimot Group’s market operations, all of the activities carried out in the acquired companies have been conducted in accordance with the guiding principles that have been in place since the organization’s inception. Above all, it is our ability to respond flexibly to both present and anticipated future market challenges, our dynamism in action, and our quick decision-making that enable us to advance even in the face of extremely demanding circumstances. For me personally, it is crucial that the companies expand in terms of both business and employment level since it demonstrates our stability and reliability as an employer, which is crucial from the perspective of the local communities in which we have grown to play a significant role. I hope that in the coming years we will be able to proudly declare that we have made significant progress in the development of the acquired companies, which are already an essential part of our Group – says Adam Sikorski, President of the Management Board of Unimot S.A.

The companies acquired in 2023 contributed PLN 47.8 million to Unimot Group’s adjusted EBITDA in the third quarter of 2023, thus stabilising the consolidated financial data. In addition, the AVIA petrol station chain, natural gas trading, and LPG activities all had a favourable effect on the financial result. Their total adjusted EBITDA amounted to PLN 17.6 million. Sales of diesel and biofuel exceeded 481.4 thousand m³, and sales of LPG exceeded 80.1 thousand tonnes during the period under review.