April 28 (SeeNews) - Croatian oil and gas company INA [ZSE:INA] said on Tuesday its consolidated net profit soared to 586 million kuna ($81 million/77 million euro) in the first quarter of 2022 from 50 million kuna in the same period of last year on the back of high hydrocarbon prices.
„Global markets continue their volatile trend, in line with the high level of uncertainty in global economy and trade, although their level shows a more favourable environment for oil and gas companies. Sharp rise in both oil and gas prices is the main driver of the strong revenue growth in the entire oil and gas industry,” CEO Sandor Fasimon said in a statement.
INA Group net sales revenue rose 51% on the year to 5.962 billion kuna in the first quarter of 2022, EBITDA surged 145% to 1.1 billion kuna, while CCS EBITDA excluding special items jumped to 995 million kuna, from 424 million in the same period of last year.
“Exploration and production revenues (1.4 billion kuna) and EBITDA (900 million kuna) roughly doubled in the supportive price environment, significantly overcompensating the effect of continued natural decline of production,” the company said.
Higher prices impacted sales revenues positively by 556 million kuna in the first quarter of this year compared to the same period of last year. Increased gas prices added 270 million kuna positive effect, while 67% higher Brent crude oil price brought an additional 247 million kuna crude oil and condensate sales revenues. Other products' positive impact on revenues was in the amount of 39 million kuna.
Investment activities intensified and CAPEX spending increased threefold with CAPEX level of 800 million kuna, of which majority spent in refining and marketing.
Rijeka refinery upgrade project, as the main strategic investment, continues with construction works and equipment delivery to the site. Besides, two new Croatian offshore wells were finished and one of them was already connected to production system of the Ika field.
Despite the increased overall prices, customer services and retail sales stayed strong and no major disturbances in the market supply occurred, proving INA's reliable service on the core markets, regardless of the market uncertainty.
Ina's shares traded flat at 3,460 kuna on the Zagreb bourse on Thursday afternoon.
(1 euro = 7.569 kuna)
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