Croatia: INA covers 2020 losses

, SEE Energy News

INA recorded a net loss in the amount of 84 million euros in 2020, compared to 65 million euros profit in the previous year. 2020 was one of the most challenging years for global economy, but also for INA. At the meeting of the Supervisory Board of Croatian oil company INA, the Board approved the audited financial statements for 2020.

It also approved the Management Board’s proposal that the amount of loss for 2020 in the amount of 122.5 million euros will be covered as follows: 91 million euros from retained earnings from previous years , while the remaining loss in the amount of 31.5 million euros is transferred to accumulated loss and will be covered in subsequent periods. Regardless of the partial oil market recovery in the second half of 2020, oil and gas prices were more than 30 % lower in average compared to 2019. This had significant impact on the Upstream result, but the severe mobility restriction and significant decline in economic activity in general, caused by lockdowns, also impacted the Refining and Retail operations. The group’s net sales revenues amounted to 1.95 billion euros, compared to 2.98 billion euros in 2019.