Biznes Fakty
Orlen showed results for 2024
The Orlen Group reported a net profit of PLN 1.383 billion for 2024, as disclosed in its consolidated annual stock exchange report on Tuesday. This figure contrasts with PLN 20.969 billion from 2023. CEO Ireneusz Fąfara provided insights into the reasons for this variance.
The consolidated annual report from Orlen, released on Tuesday, indicates that in 2024, the Orlen Group achieved a net profit of PLN 1.383 billion, compared to PLN 20.969 billion in 2023.
Mistakes of previous leaders
In a message to Orlen shareholders, the company’s president, Ireneusz Fąfara, pointed out that the financial outcomes were impacted by PLN 13.5 billion in write-offs, frequently due to prior management missteps. „Nonetheless, we have delivered commendable operating results and executed strategic developmental investments,” he remarked.
In a press release discussing the consolidated results for 2024, Orlen highlighted that the Energy and Gas sectors contributed nearly 80 percent of the group’s EBITDA operating profit, which reached PLN 35.5 billion before write-offs.
Simultaneously, the company reported that it allocated PLN 32.4 billion for developmental investments in 2024. Among the significant projects underway, Orlen listed the initial offshore wind farm Baltic Power, two gas power plants in Ostrołęka and Grudziądz, a modernization project for over 20,000 km of power grids, alongside investments in onshore renewable energy sources and the extraction of oil and natural gas.
Developments at Orlen
– We have completed a year focused on consistently enhancing the company’s credibility and values, as well as revitalizing its corporate culture – stated the president of Orlen.
Fąfara emphasized that in 2024, the company achieved record electricity production from gas and renewable energy sources, with „additional megawatts from two new gas power plants and the first Polish offshore wind farm set to enter the grid next year.”
The leader of Orlen also highlighted that „the rapid advancement of low and zero-emission energy is a pathway to transforming refinery and petrochemical production, along with the development of alternative fuels.” He added that „during times of geopolitical instability, we require security and resilience to progress.” He noted that the strategy „Energy of tomorrow starts today,” which was presented by the company in 2024, primarily focuses on the robust development of gas extraction and energy, bolstered by renewable sources.
– The past year was marked by significant strategic decisions that will influence the company’s competitiveness in the years ahead – stated Fąfara.
He cited the decision to discontinue the unprofitable Olefiny III project and repurpose part of the existing infrastructure for the New Chemistry project, which is based on new technological, operational, and business principles, as well as expanding the renewable energy sources portfolio by two-thirds, from 0.9 to 1.5 GW.
A corporation „that operates transparently”
Among the strategic decisions, Fąfara also noted the integration of the Orlen Group and the divestment of entities whose activities do not align with the core business of the concern.
„The Orlen Group entered 2025 efficiently, with a clearly defined trajectory for value growth, grounded in the highest standards of corporate governance. It is a pragmatic organization that invests solely in projects that genuinely create value and maintains a flexible approach to investment expenditures. Ultimately, it is a group that operates transparently and upholds financial discipline,” wrote the president of Orlen in a letter to shareholders.
As reported by the company, in 2024, the Orlen Group generated 2.4 TWh of energy from renewable sources and 9.3 TWh from gas, sufficient to power around 6.5 million households. Gas and renewable sources constituted 70% of the Orlen Group’s energy production. Additionally, in 2024, the company’s total natural gas production in Poland and abroad rose to 8.6 billion cubic meters, marking a 20% increase from the previous year. This production boost was primarily attributed to the commencement of new deposits on the Norwegian Continental Shelf, as noted by Orlen.
Consistent oil production levels
The company underscored that in the refining and petrochemical sectors, it experienced „a stable level of crude oil processing, emphasizing the importance of maintaining a diversified supply portfolio.” It recalled that in 2024, an agreement was signed with bp for oil supply from the nearby North Sea, covering about 15 percent of the total demand of the entire Orlen Group.
Orlen also reported that in the retail sector, the concern achieved record fuel sales volumes, setting historical sales records in Poland and the Czech Republic. The company also inaugurated 135 new alternative fueling stations, closing the year with a total of 869
Źródło
