Orlen Group’s net profit for the first three quarters of this year reached over PLN 3.01 billion, marking a decrease of more than PLN 17.03 billion compared to the same period last year, according to a stock market communication from the company. Former CEO Daniel Obajtek commented, “The bulldozing of Orlen continues at full force.”
In its consolidated report, Orlen stated, “After accounting for income tax of PLN 4.561 billion, Orlen Group’s net profit for the first nine months of 2024 stood at PLN 3.012 billion, down by PLN 17.034 billion year over year.”
Orlen’s sales revenue for the third quarter totaled PLN 67.936 billion, a drop of PLN 11.521 billion year over year. The company noted that lower sales revenue affected the refining, energy, and gas segments but was “partially offset” by revenue growth in petrochemicals, retail, and extraction.
Referring to the third-quarter income statement, Orlen calculated that “after accounting for tax burdens of PLN 1.787 billion, the Group’s net result reached PLN 188 million, which was down by PLN 4.368 billion year over year.”
The company’s press release also noted that Orlen closed the third quarter “with a very strong operating profit, EBITDA LIFO,” despite a challenging macroeconomic environment, including a 65% drop in refining margins year over year.
“In past years, the extraordinary profits were partly due to the war. That’s over now, and we’re returning to normalcy, back to pre-war times,” said Orlen’s CEO Ireneusz Fąfara during a press conference.
Obajtek’s Critique: “Another Late-Night Press Conference?”
Former Orlen CEO Daniel Obajtek remarked on social media that revenue, profit, and investment in Q3 were all down from last year, with net profit for the first nine months of this year also lower.
“The only area with doubled results is retail, showing the continued exploitation of Polish consumers! No wonder they’re holding the earnings conference in the evening, hoping the topic dies down quickly. Soon enough, with these disastrous results, they’ll probably hold it at 11 p.m. out of shame…” Obajtek posted on social media.
He added that the current Orlen leadership’s only achievement they could “boast about” is investment in projects like Baltic Power, a decision he claims was initiated, funded, and planned during his tenure.
Profit from Price Unfreezing?
On platform X, Orlen attempted to “debunk myths about net profit,” arguing with a simulation that profit in 2024 would exceed 2023’s if “not for accounting effects, government subsidies, and losses due to past management errors.” The graphic suggested that a primary driver of Orlen’s 2024 profit would be the 10 billion PLN gain from unfreezing energy prices.