Biznes Fakty
MOL entered Poland with a bang. Now it is counting losses
The Hungarian company MOL, which acquired Lotos stations, is experiencing a decline in earnings and an increase in losses within Poland, as reported by „Puls Biznesu” on Thursday.
The newspaper indicates that the MOL station network is contracting – at the end of 2024, it operated 386 stations, down from 414 two years prior.
„When MOL, a Hungarian fuel firm, entered the Polish market at the close of 2022 by taking over more than 400 stations previously owned by Lotos (which was compelled to divest due to its merger with PKN Orlen), it adopted an ambitious strategy for the new market – pledging to increase the number of stations and improve its standing among the largest chains. However, financial documents reveal that after two years, it has largely deviated from its objectives,” states „PB”.
Financial data
The newspaper notes that of MOL’s 386 stations, 273 are owned by the company and 113 operate under franchise agreements. In 2022, the firm reported revenues of PLN 11.2 billion, which fell to PLN 7.3 billion in 2023, and is expected to drop further to PLN 6.4 billion in 2024.
„MOL attributed the revenue drop in its inaugural year of operation to organizational and ownership transitions, as well as the upheaval caused by the conflict in Ukraine,” writes „PB”.
„In 2022, the company recorded an operating profit of PLN 44.3 million in Poland, which decreased to PLN 38.3 million in 2023, and last year it faced an operating loss of PLN 51.3 million. Net income also saw declines – from a minor loss of PLN 11 thousand in 2022, to PLN 3.79 million in 2023, culminating in a significant loss of PLN 81.5 million last year,” reports „PB”.
