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Soaring MOL Hungary Earnings Unveiled

• 20 Feb 2023 8:43 AM
• Hungary Matters

Net income of Hungarian oil and gas company MOL rose 62% to 852 billion forints (EUR 2.2bn) in 2022, results published ahead of the opening bell on Friday show.

Revenue climbed 71% to 9,912 billion forints. Cost of raw materials and consumables rose at the same pace to 7,458 billion forints.

Total operating costs increased 65% to 8,653 billion forints. MOL’s pre-tax profit jumped 108% to 1,155 billion forints, but a 466 billion forint income tax expense — a multiple of the 47 billion forints in the base period — weighed on the bottom line.

The data released by MOL show that tax cost included 200 billion paid on a windfall profit tax.

Basic earnings per share from continuing operations came to 928 forints, up from 673 forints in 2021.

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