Croatia: JANAF recorded 15 million euros in profits in Q1, SEE Energy News
State-owned oil transportation company JANAF achieved total revenues of 35.8 million euros in the first three months of 2023. That is almost 40% higher compared to the first quarter of 2022.
JANAF in Q1 achieved a gross profit of 18.5 million euros and a net profit of 15.1 million euros – almost 70% higher than last year’s figures.
At the same time, revenues from the company’s core activities of oil transportation and storage of oil and petroleum products also increased and amounted to almost 35 million euros (38% increase compared to the previous year).
In 2022 JANAF recorded the most successful financial result of all time as a result of a proactive approach by the management towards business partners, which led to high utilization of storage and transport capacities and ensured stable operations and cash flow.
The company’s revenues in 2022 amounted to 119 million euros, while its net profit amounted to 41 million euros, a 15% increase year-on-year and 93% more than planned.
JANAF operates 631 kilometres of an oil pipeline in Croatia and owns several oil terminals, with a total storage capacity of 1.94 million cubic meters of oil and 220,000 cubic meters of petroleum products.