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Unimot SAUnimot estimates Q3 adjusted EBITDA at PLN 104 mln, vs. PLN 93.3 mln consensus
Listed fuels distributor Unimot Group estimates that it had PLN 104 million (EUR 23.9 mln) of adjusted EBITDA in the third quarter of 2024, compared to PLN 29 million (EUR 6.7 mln) in the same period of 2023, the company said in a market filing. The PAP Biznes consensus was for PLN 93.3 million adjusted EBITDA.
The third quarter revenue estimate was PLN 3.62 billion (EUR 830.2 mln), against PLN 3.31 billion (EUR 759.1 mln) a year earlier and a PLN 3.315 billion (EUR 760.2 mln) consensus.
Reported EBITDA is estimated at PLN 42 million (EUR 9.6 mln), compared to PLN 12 million (EUR 2.8 mln) a year ago.
Unimot said that the impact on adjusted EBITDA was due to the bitumen segment achieving adjusted EBITDA of PLN 51 million (EUR 11.7 mln) in the third quarter, reflecting the peak road construction and repair season occurring in the period. In contrast, the liquid fuels segment achieved an adjusted EBITDA result of PLN 31 million (EUR 7.1 mln).
"Higher margins in this segment were due to increased market demand, a decrease in purchase premiums and a positive revaluation (by approximately PLN 7 million) of the costs of future maintenance of mandatory stocks for diesel imports throughout 2024," it wrote.
"The issuer's group consistently continues to diversify its product portfolio and focuses on introducing and increasing the share of products enabling higher margins," it added.
The infrastructure and logistics segment realised an adjusted EBITDA result of PLN 22 million (EUR 5.1 mln). This segment includes, among others, fuel storage activities and rail transport services.
Sales volumes of diesel, heating oil, petrol and biofuels in the third quarter amounted to 581,000 cubic metres (up 21 percent year on year), while LPG sales fell by 17 percent year on year to 67,000 tonnes.
"We delivered a strong operational performance in Q3, which translated into solid financial results. We are consistently meeting the targets set in our business strategy for 2024-2028, which primarily emphasises the diversification of our business," CEO Adam Sikorski, quoted in the market filing, said.
"We are particularly pleased with the performance of the bitumen segment, which generated around half of our quarterly result, making effective use of its market potential and emerging opportunities. We are also pleased with the emerging positive trends in the diesel market," he added.
He said that in the fuels segment, Unimot is continuing to diversify its product portfolio and is focused on introducing and increasing the share of products that enable it to earn increasingly higher margins.
doa/ han/
