February 16 (SeeNews) - Croatian oil and gas company INA [ZSE:INA] said on Thursday its consolidated net profit soared to 1.9 billion kuna ($270 million/252 million euro) last year from 1.3 billion kuna in 2021 on the back of high hydrocarbon prices.
Revenues went up by 2.605 billion kuna and overall gas sales revenue added 1.670 billion kuna of positive effect, INA said in a filing to the Zagreb bourse.
At the same time, 43% higher Brent price brought an additional 780 million kuna crude oil and condensate sales revenues with other products positive impact on revenues in the amount of 155 million kuna, it added.
“Regulatory limitations impacted the profitability of the wholesale and retail, which combined with the heavy investment cycle, caused negative cash flow of the segment,” INA CEO Peter Ratatics commented, referring to the regulatory price limit on gas price.
"2023 is hard to predict, but the limit on gas prices, imposed from the fourth quarter of 2022 is sure to have a material impact on the operations," he added.
EBITDA excluding special items amounted to 5.5 billion kuna, up 81% on the year.
Net sales revenue soared 57% to 35.1 billion kuna.
CAPEX spending reached 2.7 billion kuna, up 71% on the year.
INA also said in the filing that its biggest investment, the ongoing Rijeka refinery upgrade project, achieved 70% completion, with mechanical completion expected in the first half of 2024.
INA's shares last traded on the Zagreb bourse on Tuesday , ending flat at 452 euro.
($ = 0.934 euro)
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