Croatia, INA’s profit of 132 million euros in the first quarter

, SEE Energy News

Croatian oil and gas company INA said it had EBITDA (earnings before interest, taxes, depreciation and amortization) of HRK 1.1 billion (EUR 146 million) in the first quarter, compared to HRK 467 million (EUR 62 million) in in the same period last year, while net profit, which amounted to HRK 424 million in the same period, has now increased to HRK 995 million (from EUR 56 million to EUR 132 million).

Net sales increased by HRK 3.9 billion to HRK 5.9 billion (from EUR 517 million to EUR 782.4 million). As the President of the Management Board Sandor Fasimon commented, the strong growth of oil and gas prices is the main driver of revenue growth for the entire industry, so the Research and Production sector is the main generator of money in the company.

Higher prices of hydrocarbons brought higher revenues of HRK 556 million (EUR 73.7 million), to which gas contributed HRK 270 million (EUR 35.8 million), and 67% higher prices of Brent oil increased revenues from crude oil by 247 million (32.8 million euros).

Net sales revenue in the Exploration and Production segment doubled to HRK 1.35 billion (EUR 179 million), while capital reports amounted to HRK 172 million (EUR 22.8 million).

In the first quarter of 2022, Refineries and Marketing imported derivatives, while the Rijeka Oil Refinery was in planned maintenance until the end of March. In the first quarter of this year, higher sales were recorded in key markets, supported by a strong commercial margin in Croatia. Margins were supported by rising product prices (diesel, petrol, jet), as a result of higher demand due to the unstable market situation.

Capital investments of the Refinery and Marketing in the first quarter of 2022 amounted to HRK 649 million (EUR 86 million). The project of upgrading the Rijeka Oil Refinery – the entire engineering has been completed, the production and delivery of equipment to the construction site has reached about 80 percent.


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