“The price of ORLEN shares today exceeded PLN 100. In a month it is +15.5%, and since the beginning of the year +128% (…) After being transformed into an energy concern, the company has never had such a high price or such a high capitalization – about PLN 116 billion – and today it is the most valuable Polish company in the history of the Warsaw Stock Exchange,” the company informed PAP.
In the opinion of Orlen's president, Irenusz Fąfara, the current valuation of the company's shares is the result of changes made by the current management board.
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“We have moved forward strongly”
— At the beginning of this year, we announced the largest investment program in the history of the Polish energy sector. We started investments that previously existed only on paper. We made the schedules more realistic and corrected irregularities in existing processes. We stopped the scandalously poorly prepared Olefin III project and replaced it with a New Chemistry project that takes market realities into account. We are building wind farmsgas power plants and we are modernizing networks. We accelerated the implementation of the project SMRssecuring the interests of Orlen and Poland. We have moved forward strongly and we see that the market appreciates it. We ensured transparency by taking the “corpses out of the closet” and sent motions to the prosecutor's office to hold accountable those responsible for cases that the audits found to be criminal. This would not be possible without all the group's employees, for whom the restoration of corporate governance gave new energy to work, Fąfara told PAP.
The president himself invests in shares
Orlen recalled that on the last day in office of the previous management board, the company's shares cost PLN 65.8, after a 5% increase in response to the news of his dismissal. According to information provided by Orlen, Ireneusz Fąfara is also the first president of the company to invest his own funds in the company's shares, which the market perceived as a “declaration of faith in the company's business assumptions” – which translated into an increase in Orlen's share prices.
Around 11.50 a.m. on Thursday, Orlen's shares on the Warsaw Stock Exchange cost PLN 100, after an increase of 0.18%.
The Orlen Group is a multi-energy concern that has refineries in Poland, the Czech Republic and Lithuania and a network of car fuel stations, including in Germany, Slovakia, Hungary and Austria. It also develops the crude oil and natural gas extraction segment, the petrochemical segment, and the energy segment, including renewable energy sources. It also plans to develop nuclear energy based on small, modular SMR reactors.
