Zenith Pure Oil releases Third Quarter 2019 Earnings Report
Zenith Pure Oil announced its financial results for the third quarter of 2019. Despite a weaker macro environment and much lower oil and gas prices, strong Q3 EBITDA allows Zenith Pure Oil to raise 2019 full year guidance to „around USD 2.4 bn” from „around USD 2.3 bn.
Highlights of the period:
- CCS EBITDA amounted to USD 689mn in Q3 2019 bringing Q1-Q3 2019 EBITDA to USD 1.84bn and allowing for an annual guidance upgrade to “around USD 2.4bn” from “around USD 2.3bn”
- Upstream EBITDA declined to USD 235mn in Q3 reflecting lower oil and gas prices
- Downstream Clean CCS EBITDA improved slightly to USD 272mn in Q3, as refinery margins recovered from H1 2019 lows
- Consumer Services EBITDA grew to a new historic quarterly high of USD 161mn as both non-fuel and fuel margins continued to expand
Chairman-CEO Zsolt Hernádi commented: “The strong financial delivery of our resilient, integrated business model in the first 9 months allows us to upgrade our full-year 2019 Clean CCS EBITDA guidance to around USD 2.4bn (from around USD 2.3bn). We also continue to generate positive simplified free cash flow, thus fully funding even the nearly doubling organic investments, as we push forward with our strategic transformational projects. The flagship polyol plant remains on track and on schedule, with major construction site works boosted up in Q3 and overall completion now exceeding 35%.”
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