Croatia's INA group net profit flattish in 2023

"Despite the inevitable impact of lower oil and gas prices in our exploration and production business, the company's overall performance remained resilient," CEO Zsuzsanna Ortutay said in a filing to the Zagreb bourse.

INA group saw a decrease in EBITDA by 22%, to 523 million euro, which was anticipated given the prevailing environment of reduced prices, she added.

Net income from operations at current cost of supply (CCS EBITDA) excluding special items of INA group for 2023 amounted to 496 million euro. The main reason for the EBITDA drop was the decrease of hydrocarbon prices by 28%, with gas prices posting a much sharper decline than oil, INA said.

Net sales revenue fell 16% on the year to 3.9 billion euro. Lower prices of oil and gas had a 241.7 million euro negative impact on sales revenues. The average Brent crude price fell 18% in 2023.

Capital expenditures amounted to 311 million euro, a 14% decrease compared to 2022 in line with different project dynamics.

INA's shares last traded on the Zagreb bourse on Thursday, ending 2.13% higher at 480 euro.

($ = 0.929 euro)