Unimot estimates PLN 80 mln in Q2 adjusted EBITDA

Listed fuels distributor Unimot Group estimates that it had PLN 80 million (EUR 18.5 mln) of adjusted EBITDA in the second quarter of 2024, compared to PLN 63 million (EUR 14.6 mln) in the prior year period. In addition, the company sees second quarter revenue at PLN 3.45 billion (EUR 798 mln), against PLN 3.25 billion (EUR 751.6 mln) a year earlier, the company said in a market filing.

EBITDA amounted to PLN 91 million (EUR 21 mln) versus PLN 82 million (EUR 19 mln) a year earlier.

As indicated, the results for the second quarter of 2024 were affected by the positive contribution of the bitumen segment, which had an adjusted EBITDA of PLN 47 million (EUR 10.9 mln) in the second quarter.

This segment, in the second and third quarters, reaches its maximum sales volumes due to peak road construction and repair seasons occurring during this period. In the second quarter of 2024, the Group sold 202,000 tonnes of asphalts.

In addition, the company also recorded a favourable impact from the infrastructure and logistics segment, which realised an adjusted EBITDA of PLN 20 million (EUR 4.6 mln), and from the liquid fuels segment, as it generated an adjusted EBITDA of PLN 6.5 million (EUR 1.5 mln) in the second quarter of 2024.

It was reported that the group continues the process of diversifying its product portfolio and focuses on introducing and increasing the share of products enabling higher margins to be earned

"In the second quarter of this year, the Unimot Group took actions that are part of the implementation of the business strategy for 2024-2028, in which we have set (...) plans for each of the group's business areas," said the CEO, Adam Sikorski, quoted in the market filing.

The CEO explained that Unimot is primarily focused on diversifying its business and acquiring new sources of revenue.

"As part of these challenges, in the second quarter, we started, among other things, operations in the physical supply of marine fuels, developed sales of HVO fuel and leased an LPG terminal in Wilhelmshaven, Germany," he said.

"In the second quarter, Unimot Group's results were particularly positively impacted by the bitumen and infrastructure and logistics segments, which confirms that the market opportunities we took advantage of yielded the best possible results," he added.

It also pointed out that in the second quarter of 2024, sales volumes of diesel, petrol and biofuels were at 505,000 cubic metres (down 1 percent year on year) and LPG sales increased by 2 percent year on year to 70,000 tonnes.

mcb/ han/