Croatia: Oil company INA/MOL incomes from the sale decreased by 8%, net profit increased with major investment cycle in retail and new production capacities

8. August 2013. / SEE Energy News

Ina Group has achieved total incomes of 13,4 billion HRK in the first semester of this year which is a fall of 8% with the reference to the same period last year while net profit increased strongly for even 310% up to 443 million HRKs. Ina Group’s incomes on crucial markets are remaining under pressure during the first half of 2013 also. Despite bad economy environment, Ina improved structure of products and obviously height of productivity supported by strong expenses’ control- it is stressed in Ina.

They emphasize that presence on crucial export markets is strengthened so sale in Slovenia is more than tripled and sale increase of 5% in BiH is achieved while leading position on domestic market was kept at the same time.

Continuous improvement of productivity during the last quarters as an answer to difficult business conditions, net income of Ina Group has achieved 443 million HRKs in the first semester of 2013 while EBITDA is decreased by 21% in height of little more than 1,7 HRK, influenced by low production during the natural fall of hydrocarbon production and demanding conditions in the segment of refineries and marketing including retail trade- it is stated in the report.

Profit from the main activity of Ina Group was 610 million HRKs in the first semester of 2013 which was an increase by 24% on international height.

President of Ina Administration, Zoltan Aldott stresses that economy surrounding remained challenging during the first semester too so the use of internal improvements is important in order to keep positive result.

President of Ina Group especially indicates that the growth of investments by 23% during the first six months with the reference to the same period last year at amount of 500 million HRKs.

The biggest part of capital investments refer to the segment of research and production as crucial segment of the growth for the whole group. Intensive drilling champagne on land is being continued, the stress on new research and procession projects in North Adria is increased and research drilling with Labin platform was launched in the scope of this research. Research activities are intensive in Egypt also where Ina has increased its part in concessions of East Yidma and Disouq- Aldott states.

Project of environmental protection, improvement of marketing and refineries’ productivity and preparational activities for project of deep conversion in Oil Refinery Rijeka and continuation of modernization program of retail network in order to provide future growth- Aldott stresses.

According to the data from reports, preparation for four new researching drilling on the land is finished, new initiations of refineries and marketing are predicted for this year and they include activities for the construction project of facility for heavy waste procession in the Oil Refinery Rijeka, environmental projects and projects of energy productivity in order to improve internal operative efficiency.

Ina renewed 132 gas stations in the scope of retail network mordernization- it is stated in Ina’s report, group which directed the network of 444 gas stations- 392 in Croatia and 52 abroad (45 in BiH, 6 in Slovenia and one in Montenegro).


Source; Serbia Energy See desk/INA

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