EBITDA in the group's Consumer Services arm stood at $320 million (€299.1 million) for the year, the group said, due to fuel price regulations in its core CEE region.
In the fourth quarter alone, EBITDA in the division was $89 million (€83.3 million), 23% lower than the corresponding period the previous year, despite the lifting of a Hungarian fuel price cap in December.
At the same time, an increase in sales volumes, the expansion of non-fuel margins and the inclusion of the Lotos fuel retail estate in Poland to its operations 'partly mitigated the negative drivers', MOL Group said.
Lotos Takeover In Poland
The fourth quarter of the year saw MOL Group complete its deal to take over 417 Lotos service stations in Poland.
MOL Group also continued to expand its Fresh Corner forecourt concept during the year, with the number of reconstructed sites boasting Fresh Corner outlets rising to 1,179 in the fourth quarter, up from 1,130 in Q3.
Overall, across its operations MOL Group reported full-year sales of $4.7 billion (€4.39 billion) for the year, generating sales of $1.074 billion (€1 billion) in the fourth quarter.
'A Real Test'
“Last year was a real test from every possible aspect in our industry, I am proud to say that MOL managed to navigate successfully through the countless challenges and delivered both operationally and financially," commented chairman andCEO Zsolt Hernádi.
"It is clear to us that 2023 will be no easier, but I believe that MOL’s proven resilience will help us navigate through these uncertain times with confidence.”