The MND Group announces its 2022 financial results

MND Group has published its 2022 financial statements, which include the corporations MND, MND Drilling & Services, MND Energy Storage, MND Ukraine, and Oriv Holding. The Group’s profit before tax reached CZK 3.987 bn. last year, with net profit of CZK 3.193 bn. The results are due to a combination of previous successful investments in research and growth in the price of commodities on global markets. The company heavily invests in renewable sources, such as photovoltaic and wind power plants and is involved in innovative projects, such as a European consortium for producing green hydrogen or research into the possibility of storing carbon dioxide in rock structures.

“Last year was extremely difficult for all players in the energy sector. The MND Group successfully achieved a solid result thanks to the stability of its parent group, KKCG, and also thanks to the use of the synergies that MND Group has built in the energy sector over more than 20 years,” said MND Group’s CEO Jiří Ječmen.

MND continues to strengthen its position as an energy supplier in the Czech Republic: at the end of 2022, the Group was supplying gas and electricity to 253,702 points of delivery. In terms of the number of customers, MND Energie is fifth among gas distributors and sixth in electricity. Even in the turbulent year of 2022, the Company managed to retain a high level of customer satisfaction and a very low customer attrition rate.

MND Group developed its activities as a licenced gas and electricity trader on the Czech market as well as abroad. In 2022, it continued to sell gas from its own extraction and trade by means of gas storage facilities in the Czech Republic, Germany, Austria, and the Netherlands with an aggregate storage capacity in excess of 6 TWh. Last year, MND Group traded over 75 TWh of gas and 5 TWh of electricity on physical and financial markets.

In 2022, MND Drilling & Services drilled a total of 14 wells for external customers. The company worked for MND in Hungary, Italy, Germany, Croatia, and the Czech Republic. For instance, it launched work on a geothermal project for FRI EL Geopower in Italy. In the Czech Republic, the company executed a total of 57 underground repairs and probes and well plugging and abandonments.

In the Czech Republic, MND extracts oil and natural gas from 36 fields in South-Eastern Moravia. Oil extraction in 2022 reached 82,000 cubic meters and supply of natural gas from the company’s own extraction was 99 million cubic meters. Last year, MND created four exploration wells in the Czech Republic and one verification/extraction well. Two new fields were discovered (Mikulov 6, Valtice 4) and a new part of the Borkovany field was confirmed (Borkovany 11).

MND played an important role in managing the energy crisis in terms of natural gas storage. The Group has two storage capacities in the Czech Republic with aggregate volume of 320 million m3. Before the start of winter, the storage was filled to nearly 100 percent.

The war has had an impact on MND, among other things because the Group does some of its business directly in Ukraine: its subsidiary extracts gas in the Lviv Region in the west of the country. Last year, it extracted 84 million metres of natural gas. MND continues to expand its activities in Ukraine, striving to contribute to the country’s energy self-sufficiency.

In cooperation with a local partner, MND is also completing the construction of the Oriv wind power plant with a capacity of 54.6 MW in the country. The planned annual production is 150 GWh. During 2022, preparatory construction works were carried out, switching stations built, and high-voltage lines put down. The plan for this year is for the 10 newly installed turbines to start supplying electricity to the grid.

About MND

MND Group is a member of KKCG Group founded by the Czech entrepreneur Karel Komárek. The company focuses on various areas in the energy sector – from oil and gas extraction to power generation from new resources, such as geothermal wells or wind energy, with a special emphasis on environmentally friendly technologies. MND also supplies Czech households with gas and electricity. In addition to the Czech Republic, MND Group operates also in Ukraine and in Germany.