Austria’s OMV reports Q1 results
by ChemOrbis Editorial Team - content@chemorbis.com
According to the official announcement on the company’s website, Austrian integrated oil and gas company OMV announced that the company’s net income stood at €700 million ($755 million) in the first quarter of 2024.
The company achieved sales of more than €8 billion ($9 billion) in Q1 while its operating profit came in at €1.5 billion ($1.6 billion).
In the chemicals and materials segment, the company’s operating result increased by 37% to €129 million ($139 million) mainly on positive impact from inventory effects and better results from joint ventures. However, the results were offset by a less favorable market environment for olefins and a weaker polyolefin business.
Alfred Stern, Chairman of the Executive Board and CEO of OMV AG commented, "Against the backdrop of geopolitical instability, disruptions to global supply chains and weak consumer demand in Europe, OMV continues to navigate successfully and steadfastly toward its Strategy 2030 goals.”
The company achieved sales of more than €8 billion ($9 billion) in Q1 while its operating profit came in at €1.5 billion ($1.6 billion).
In the chemicals and materials segment, the company’s operating result increased by 37% to €129 million ($139 million) mainly on positive impact from inventory effects and better results from joint ventures. However, the results were offset by a less favorable market environment for olefins and a weaker polyolefin business.
Alfred Stern, Chairman of the Executive Board and CEO of OMV AG commented, "Against the backdrop of geopolitical instability, disruptions to global supply chains and weak consumer demand in Europe, OMV continues to navigate successfully and steadfastly toward its Strategy 2030 goals.”
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