OMV Posts Lower Annual Profit

Austria’s OMV Group has reported drops in net income, sales, and operating results for the 2024 financial year.

The company said in its report that its clean current cost of supply (clean CCS) net income attributable to stockholders reached EUR 2.09 billion ($2.16 billion), down 19 percent from 2023.

Sales of EUR 33.98 billion ($35.11 billion) were 14 percent below the 2023 figure, the company said, adding that its clean CCS operating result was EUR 5.15 billion (5.32 billion), down 15 percent from the year prior.

The clean operating result of its chemicals segment increased to EUR 459 million ($474 million). Contribution from the fuels and feedstock segment stood at EUR 927 million ($957 million), while the energy segment came at EUR 3.8 billion ($3.92 billion).

An arbitration decision in November 2024 awarded damages to OMV against Gazprom Export, resulting in a positive net impact on the fourth quarter of 2024 and contributing to an approximate increase of EUR 210 million ($216.9 million) in the gas marketing and power clean operating result, OMV said. After terminating the long-term gas supply agreement with Gazprom Export in December 2024, OMV ceased all business operations in Russia, according to the company.

“OMV was profitable and generated a good result in 2024 amid a challenging environment”, Alfred Stern, Chairman of the Executive Board and CEO of OMV, said. “By ending the long-term gas supply contract with Gazprom Export, we are opening a new chapter in our company’s history. Thanks to our diversified gas portfolio today, we are in a better position than ever before.

“With our broad range of supply sources, we are meeting our responsibility to ensure security of supply for our customers. As a result, we are making an important contribution to providing reliable and affordable energy in Europe. A stable energy supply fosters economic growth and strengthens society”.

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