Polish petrochemical group Orlen increased profit by 55 percent in the first quarter

Polish petrochemical group Orlen increased its net profit by 55 percent year on year to 4.3 billion zlotys (more than CZK 25 billion) in the first quarter. The company, which owns Czech refinery group Orlen Unipetrol, announced the results today in a report. Strong results from its upstream operations helped drive profit growth, offsetting lower refinery sales and margins, Reuters reported.

Net profit nevertheless fell short of analysts’ expectations. In a Reuters poll, they had forecast nearly 4.7 billion zlotys. Total revenue fell by more than a tenth year on year to 73.5 billion zlotys in the quarter.

Orlen Unipetrol is the largest refinery and petrochemical company in the Czech Republic. It focuses on oil processing and the production, distribution and sale of fuels and petrochemical products, particularly plastics and fertilisers. The Orlen Unipetrol group includes refineries and production facilities in Litvínov and Kralupy nad Vltavou, Paramo in Pardubice, Spolana in Neratovice, Remaq in Otrokovice and a research centre in Brno.

Orlen Unipetrol employs more than 6000 people. It has been part of the Orlen group, the largest energy company in Central Europe, since 2005.