Bull and Bear title for PKN ORLEN
PKN ORLEN has today won the coveted title of Best Investment in 2004 on the WIG 20, Warsaw Stock Exchange’s blue-chip index. Pawel Szymanski, CFO of PKN ORLEN, was presented with the prestigious “Bull and Bear” statue inaugurated by Parkiet, the Polish financial daily newspaper.
PKN ORLEN shareholders earned a 21.7 per cent return on their investment in 2004, giving investors the best return ratio of all securities traded on the blue-chip WIG 20 index. Pawel Szymanski attributed PKN ORLEN’s 2004 share price performance to the Company’s cost cutting programme, its successful bid for the Czech Republic’s UNIPETROL and a record financial performance, driven by a favourable sector environment. Some analysts also believe that this performance was also driven by the proposed disposal of ORLEN’s PLN 2.4 m worth 19 per cent stake in Polkomtel, the mobile telephony operator.
