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Croatia's INA net profit trebles in H1 on high hydrocarbon prices

Author Annie Tsoneva
Croatia's INA net profit trebles in H1 on high hydrocarbon prices Croatia's INA. Photo by INA.

ZAGREB (Croatia), July 29 (SeeNews) - Croatian oil and gas company INA [ZSE:INA] said on Friday its non-consolidated net profit soared to 1.593 billion kuna ($ 215million/212 million euro) in the first half of 2022 from 528 million kuna in the same period of last year on the back of high hydrocarbon prices.

“Due to geopolitical risks and supply uncertainties, global energy markets continued to be marked by high prices, with Brent levels above 100 per barrel and CEGH gas price exceeding 100 euro/MWh in the second quarter of 2022. Driven by favourable price environment, results remained strong,” the company said in a filing to the Zagreb bourse.

EBITDA excluding special items amounted to more than 2.7 billion kuna, up 127% on the year. Results improved throughout the segments with exploration and production revenues of almost 3 billion kuna and EBITDA of 2.1 billion kuna.

Sales revenue soared 71% to 15.282 billion kuna,

High hydrocarbon prices significantly overcompensated the effect of continued natural decline of production, the company noted. High energy prices and government restrictions in retail prices and margins at the same time had a negative impact on the result.

CAPEX spending more than doubled compared to the first half of 2021, reaching 1.3 billion kuna, of which almost a billion spent in refining and marketing.

INA's shares last traded on the Zagreb bourse on Wednesday, ending 1.74% higher at 3,500 kuna.

(1 euro = 7.517 kuna)

INA-Industrija Nafte d.d. is among the biggest companies in SEE, for more reference take a look at Top 100 companies