PKN successfully acquired LOTOS in August 2022, after receiving approval from the European Commission. The acquisition of peer company LOTOS was intended to strengthen PKN's position in the fuel and energy industry in Central and Eastern Europe. Additionally, the merger of the two businesses was intended to directly impact capital expenditure, project execution of the most lucrative projects, increase Poland's energy independence, and ensure stable fuel supplies for all customers.
PKN Witnessed Significant Increase in Third Quarter Net Profit After LOTOS Takeover
PKN registered significant profit growth after the acquisition of LOTOS. The company registered a net profit of PLN 12,749 million in the third quarter of 2022, up from PLN 3,683 million in the second quarter of 2022, and PLN 2,928 million in the same quarter of the previous year. The increase in net profit reflects higher sales volume & revenue in all operating segments. The sales growth was primarily driven because of the consolidation of the production volumes of the former LOTOS Group, and higher crude oil prices. The merger resulted in the growth of PKN’s oil production and refining capacity and subsequently higher sales.
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