Earnings Poll: Poland's PKN Orlen Q4 net profit seen sharply higher

Safi Silver

23/02/2023 15:04

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      PKN Q4 results to be released on Feb. 24 before market open 
    

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      PKN expected to report a net profit of 15.94 billion zlotys
    

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      Earnings seen boosted by acquisition-related effects
    

  
       GDANSK, Feb 23 (Reuters) - Poland's biggest oil refiner PKN Orlen
 PKN.WA  is expected to report a big increase in fourth-quarter net profit,
boosted by the effects of its takeover of Lotos and PGNiG, as well as robust
results in refining and upstream, a Reuters poll showed on Thursday.
    The state-run refiner is seen posting a net profit of 15.94 billion zlotys 
($3.57 billion) for the fourth quarter, the survey of six banks and brokerages
showed, up from 3.18 billion zlotys in the same quarter the year before.        
    That would put PKN's net profit for 2022 at 35.00 billion zlotys.
    The fourth quarter results will be the first set to include full Lotos and
partial PGNiG earnings.
    Earlier in February, Orlen reported that the purchase of Polish gas company
PGNiG would boost its fourth quarter core profit (EBITDA) by about 8.1 billion
zlotys.
    The following table summarises forecasts for PKN
Orlen (figures in millions of zlotys unless stated otherwise):
                    FOURTH QUARTER OF 2022
             Net income  Clean EBITDA LIFO      EBITDA   Sales
 Median       15,850         16,252             22,565    100,119 
 Average      15,943         16,452             23,239    100,553 
 Lowest       14,676         14,500             22,000     88,344 
 Highest      17,336         19,300             26,000    113,800 
 No. of            6              6                  6          6
 forecasts      
 Q4 2021       3,177         4,309               5,470     41,165
 Q3 2022      12,677         8,619              16,996     72,996
Forecasts provided by: BDM DM, Erste Securities, mBank DM, Pekao BM, Trigon DM,
Wood&Co
($1 = 4.4656 zlotys)
 (Reporting by Karol Badohal
Editing by Mark Potter)
 ((karl.badohal@thomsonreuters.com ; +48 58 769 65 97))