Croatian oil transportation company recorded lower net profit in Q1 2020

, SEE Energy News

Croatian oil transportation company JANAF recorded a net profit in the amount of 10.4 million euros in the first quarter of 2020, which is 2.8 % lower compared to the same period last year. According to the company’s financial report, its total revenues increased by 2.8 % to 23.9 million euros, while its expenditures also rose by 9 % to 12 million euros. Almost half of its core business activity was generated by oil transportation, 11.5 million euros, just over a third or 7.9 million euros from oil storage, while oil product storage revenues amounted to 3.8 million euros (16.3 % revenues from core business).

By operating with foreign customers, JANAF generated 14.85 million euros in core business operations in the first three months of this year, an increase of 3.5 % year-on-year. Growth by 32.7 %, to 8.3 million euros, was recorded in the domestic business.

In the first three months of this year, JANAF’s investments in tangible and intangible assets financed by its own funds amounted to 14.8 million euros.

JANAF is continuing the investment cycle this year by constructing two new 80,000 cubic meters crude oil reservoirs at Sisak terminal and petroleum products reservoir with 20,000 cubic meters volume at Zitnjak terminal.

JANAF said that it has recorded a net profit in the amount of 35 million euros, which is 13.8 % lower compared to the previous year. The company’s operating revenues went down by 7.4 % in 2019 to 93 million euros, which is a result of overhauls at all refineries services by JANAF. Total revenues amounted to 95.5 million euros, which is 8.6 % lower compared to 2018, while total expenditures dropped by 4.1 % to 52.7 million euros. However, the company’s net profit is still 26 % above planned for 2019.

JANAF operates 622 kilometers of oil pipeline in Croatia and owns several oil terminals, with total storage capacity of 1.5 million cubic meters of oil and 200,000 cubic meters of petroleum products.