February 20 (SeeNews) - Croatian oil and gas company INA [ZSE:INA-R-A] said on Thursday its consolidated net profit dropped to 486 million kuna ($71 million/65 million euro) last year, from 1.178 billion kuna in 2018.
INA's net sales revenue, however, rose by 1% year-on-year to 22.6 billion kuna in 2019 despite the challenging international environment, the company said in an unaudited consolidated financial report filed with the Zagreb Stock Exchange (ZSE).
"Crude production stayed stable where increased level of activities in Egypt already started giving results, offsetting the lower domestic production. Still, the 10% lower Brent levels impacted both the revenues and EBITDA," the head of INA's management board, Sandor Fasimon, said in the report.
EBITDA excluding special items fell 7% to 2.9 billion kuna, while CAPEX rose by 18% to 2.15 billion kuna with a focus on investments in refining and marketing, the company said.
Net sales in the exploration and production segment fell by 11% to 3.75 billion kuna, and the segment's EBITDA excluding special items decreased by 22% to 2.36 billion kuna last year, on the back of 9% lower realised hydrocarbon prices and a 3% decline in hydrocarbon production.
"Overall production volumes were supported by higher crude oil production in Egypt, which was more than offset by the natural decline on Croatian fields, especially on gas fields," INA said.
Net sales in the refining and marketing segment went up 1% to 21.5 billion kuna in 2019, with the segment's EBITDA excluding special items jumping 12% to 519 million kuna.
INA's shares traded 3.33% higher at 3,100 kuna by 1400 CET on Thursday on the ZSE.
(1 euro = 7.44895 kuna)
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