Croatia: Slightly lower net profit at JANAF in 2020, SEE Energy News
Croatian oil transportation company JANAF recorded growth in operations and total revenues in the amount of 77 million euros, in the first nine months of 2020, which is by 4.4 % higher than in the previous year.
Revenues from the company’s core business – oil transport and storage of oil and oil products, amount to 75.5 million euros and are higher by 15.7% compared to the same period last year.
In the mentioned period, JANAF recorded the gross profit in the amount of 37.6 million euros and net profit in the amount of 30.8 million euros, compared to last year’s 32.5 million euros, JANAF generated 65.1 % of its revenues from core business in business with foreign customers in the amount of 49.2 million euros, which is by 13.5 % more than in the previous year. Also, revenue growth on the domestic market of amounted to 20.1 % to the total of 26.3 million euros. These achieved results indicate the export orientation of the company. The company’s financial indicators show above-average values: EBITDA rate of 71.82 %, economy ratio of 1.94 and indebtedness ratio of 0. Investments in the first nine months of this year amount to 52.2 million euros and relate to investments in storage capacity, infrastructure, pipelines, security and protection, electricity system, etc. and all investments are financed with own funds.
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