Poland’s multinational oil and gas giant Orlen Group announced a net profit of PLN 1.38 billion (€320 million) for 2024 versus just under PLN 21 billion in 2023.
CEO Ireneusz Fąfara noted in a letter to shareholders that the results were affected by as much as PLN 13.5 billion in write-offs, resulting from, among other things, the errors of the previous management, writes Salon24.
“Despite this, we achieved very good operating results and implemented strategic development investments,” he said.
According to the report, as much as 80 percent of EBITDA operating profit before write-offs (PLN 35.5 billion) came from the energy and gas sectors. Ultimately, EBITDA (earnings before interest, taxes, depreciation, and amortization) for 2024 amounted to PLN 21.9 billion.
Last year, Orlen invested PLN 32.4 billion in development, focusing on key projects, including the construction of the first offshore wind farm Baltic Power, gas power plants in Ostrołęka and Grudziądz, the modernization of 20,000 km of power grids, and investments in renewable energy and raw material extraction.
The company also expanded its renewable energy capacity portfolio from 0.9 to 1.5 GW and announced the divestment of companies unrelated to its core business.
In 2024, Orlen achieved record energy production from gas and renewable energy sources: 9.3 TWh of energy from gas and 2.4 TWh of energy from renewable sources.
This gives a total volume sufficient to supply around 6.5 million households. At the same time, natural gas production increased by 20 percent and reached 8.6 billion m³ – mainly due to new deposits on the Norwegian Continental Shelf.
In 2024, Orlen also recorded the highest retail fuel sales in history in Poland and the Czech Republic. It also launched 135 new alternative fueling stations, ending the year with a total of 869 points.
The company has additionally recommended a record dividend for 2024 – PLN 6 per share, compared to PLN 4.15 a year earlier; the final decision on this will be made by the General Meeting.
CEO Fąfara is calling 2025 the year of order and a new beginning. “The Orlen Group entered the new year as an efficient, transparent concern, based on the highest standards of corporate governance. We invest only in projects that actually create value,” he said.
The “Energy of Tomorrow Starts Today” strategy assumes intensive development in gas energy, renewable energy sources, transformation of refinery and petrochemical production, and development of alternative fuels.
The Orlen Group has refineries in Poland, the Czech Republic, and Lithuania, as well as a well-developed network of petrol stations in Europe. The company also develops nuclear energy via small modular reactors (SMRs), petrochemicals, and oil and gas extraction while focusing on energy transformation and zero emissions.
