MOL CEO Declares 2024 as a Highly Successful Year
MOL Campus in Budapest
Despite facing challenges such as geopolitical tensions, weak global growth, and regulatory changes, the MOL Group managed to meet its financial targets and end the 2024 business year on a stable note, announced the group’s Chairman and CEO.
Zsolt Hernádi highlighted that despite a slight decrease in financial results, the company accomplished its goals and had significant achievements across various business segments. Additionally, over the past three years, MOL contributed an extra $3.5 billion in taxes beyond regular operations in the Central European region.
In the last year, the group reported a profit of HUF 355 billion (EUR 872 million) and the board proposed a dividend payout of HUF 220 billion (EUR 540 million).
Hernádi also shared positive updates from the exploration and production segment, where 11 out of 12 regional projects were successful, and drilling activities in Pakistan yielded favorable results. Furthermore, in Azerbaijan, a new gas field was discovered, and strategic partnerships were formed with companies such as SOCAR (Azerbaijan) and KazMunayGas (Kazakhstan).
Despite challenges in the petrochemical market, MOL continued its transformation strategy by launching projects like the €1.3 billion polyol complex in Tiszaújváros and the region’s largest green hydrogen plant in Százhalombatta near Budapest. Modernization efforts also continued at the Rijeka refinery in Croatia.
Through acquisitions in Slovenia and Poland, the number of MOL filling stations reached 2,400, establishing a north-south energy corridor across Europe.
In a significant move towards sustainability, MOL entered the circular economy by taking over waste management and successfully restructuring it. The company also announced plans to invest approximately HUF 500 billion (EUR 1.2 billion) in waste management over the next decade.
Looking ahead, Hernádi emphasized the need for MOL to adapt to a new era of uncertainty and expressed confidence in the company’s ability to innovate and grow in challenging times. He also highlighted the importance of Hungary’s competitiveness in the face of external economic struggles and regulatory changes.
The general meeting approved a higher dividend payout, reflecting MOL’s current financial position and outlook for the year. Shareholders also sanctioned the company’s 2024 financial statements, showcasing the group’s solid performance.
As MOL continues to navigate a dynamic business environment, the CEO’s positive outlook and strategic initiatives demonstrate the company’s commitment to sustainable growth and resilience in the energy sector.
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