Bosnia and Herzegovina: Losses at Krajinapetrol

, SEE Energy News

Compared to a profit of some 207,000 euros recorded in the same period last year, Bosnian fuel trader Krajinapetrol announced that it has recorded a net loss in the amount of 197,000 euros in the first half of 2020.

The company’s operating income decreased by 28 % to 9.4 million euros in H1 2020, while its operating expenses also fell by 25 % to 9.5 million euros. Total assets amounted to 12.25 million euros at the end of June 2020, compared to 12.75 million euros a year earlier.

Krajinapetrol recorded a net profit in the amount of 660,000 euros in 2019,compared to a profit of some 380,000 euros recorded in 2018. The company’s operating income increased by 10.2 % to 27.6 million euros in 2019, while its operating expenses rose by 8.3 % to 26.6 million euros. Total assets amounted to 12.7 million euros at the end of December 2019, compared to 11.4 million euros at the end of 2018.

In late 2019, Bosnian oil products wholesaler NES has launched a takeover bid for the 67.75 % stake it does not already own in Krajinapetrol. NES was offering to purchase 13,876,371 ordinary shares of Krajinapetrol at a price of 0.4 euros per share. In November, NES acquired 32.24 % of the shares of local fuel trader Krajinapetrol, thus triggering an obligation to launch a takeover bid for the company. In February, NES said that it has increased its stake in local fuel trader Krajinapetrol from 32.245 % to 32.27 %. In November, the Government of the Republic of Srpska (RS) said that it is prepared to sell its stake in fuel trader Krajinapetrol to Croatian oil company INA. INA is still considering whether to launch a bid for the buyout of Krajinapetrol’s shares. RS Government has 52 % of Krajinapetrol’s shares.