19:37 21 February 2024
Orlen Group's 2023 Profit Surges by PLN 3.6 Billion After PGNiG Merger
The Orlen Group anticipates a significant increase in net profit for 2023, boosted by approximately PLN 3.6 billion due to the finalization of the merger with PGNiG, announced in a press release. The completion of asset valuation and fair value measurement resulted in adjustments to the provisional values reported in 2022. According to IFRS 3 principles, adjustments to acquired net asset values impact operating results and EBITDA. Orlen attributes profit growth to fair value recognition of assets and liabilities, futures contracts, and inventory revaluation. Despite impairment losses, the group remains optimistic. Orlen plans to release a comprehensive quarterly report on February 22, 2024.
