Orlen’s profits plunge in 2024 amid management changes, with ex-CEO Obajtek blaming current leadership for the downturn.
PKN Orlen has reported a significant drop in net profits for the first half of 2024, revealing a staggering decrease of 12.7 billion PLN compared to the same period last year. The company’s net profit of 2.76 billion PLN contrasts sharply with the 6 billion PLN profit reported in Q2 2023. This decline is part of a broader trend, with revenues falling by 43 billion PLN and EBITDA dropping by 15.8 billion PLN.
Obajtek’s Response
Former Orlen CEO and current PiS MEP, Daniel Obajtek, took to social media to criticize the current management, attributing these losses to what he describes as a “decision-making paralysis” and the dismissal of approximately 1,000 experienced managers. Obajtek also pointed out that many of the decisions positively impacting the company’s finances were initiated under his leadership, including the acquisition of Orlen Austria and investments in renewable energy.
The Bigger Picture
Obajtek’s comments suggest that the financial struggles of Orlen are due to mismanagement by the current administration. He implies that the negative financial outcomes are why fuel prices haven’t decreased as expected.