Unimot releases its 2022 financial results and recommends a dividend payment

Date of publication: 24.04.23

Unimot has published its consolidated financial and operating results for 2022. In this period, Unimot Group’s consolidated adjusted EBITDA was PLN 513.7 million, and its consolidated net profit amounted to PLN 373.9 million. The Unimot’s Management Board has decided to recommend to the Annual General Meeting of Shareholders a dividend payment of PLN 13.69 per share.

Unimot Group generated revenues of PLN 13.4 billion in 2022 and PLN 3.7 billion in the fourth quarter of 2022. Consolidated EBITDA (adjusted for the estimated valuation of the compulsory stock of liquid fuels and gaseous fuels, reasonable cost and revenue transfers, and non-recurring events) in 2022 amounted to PLN 513.7 million in comparison to PLN 70.6 million in 2021, which means an increase of more than seven times, while in the fourth quarter of 2022 it reached PLN 233.9 million, as compared to PLN 13.1 million in the same period of 2021. Unimot Group’s consolidated net profit was PLN 373.9 million, which means an increase of nearly 400%
in comparison to 2021.

As a result of increased demand within the domestic market and meeting the fuel supply needs of the Ukrainian economy and population, Unimot Group generated solid sales volumes of diesel, petrol, and biofuels at 1.8 million m3 (up 13% year on year) in 2022, and increased LPG sales by 16% to 257,000 tonnes.

Our expectations for a strong and secure global economy at the beginning of 2022 were dashed by Russia’s military invasion of our eastern neighbour, Ukraine. Since February 2022, the ongoing conflict has increased geopolitical ambiguity and affected nearly every aspect of business operations and the socio-economic situation. As a consequence, there was a shock-like effect on the market for energy commodities. The war disrupted supply chains, shifted the currency system, and increased inflationary pressures. This difficult year has demonstrated that the Unimot Group is able to operate effectively in very difficult and unpredictable conditions. Thanks to acting quickly and responding flexibly to changes, as well as exploiting advantages of every market opportunity, we have produced record-breaking financial results, including a record net profit, which we intend to share with our shareholders,” says Adam Sikorski, President of the Management Board of Unimot S.A.

The Unimot’s Management Board decided to recommend to the Annual General Meeting a distribution of PLN 117 million from the net profit for 2022. The Management Board will recommend to the Annual General Meeting that the profit of PLN 112 million be allocated to the payment of dividends to shareholders, i.e., PLN 13.69 per share. The remaining PLN 5 million will be allocated to supplementary capital. The Unimot’s Supervisory Board approved the Management Board’s proposal in this regard at its meeting dated 20th April 2023.

The recommendation of the Unimot’s Management Board regarding the distribution of the net profit generated in 2022 is in line with the dividend policy adapted to the Group’s new organisational and capital structure. The aforesaid policy establishes a long-term target for a minimum dividend level, the calculation of which will be based on consolidated rather than individual results. This is associated with the Unimot Group’s organisational changes that are in place as of 1st August 2022, namely the transfer of a part of the enterprise to a wholly-owned subsidiary, Unimot Paliwa, thus changing the profit-generating structure of the various entities that are part of the Group.

Consolidated Financial Results of the UNIMOT Group for 2022 – presentation