In the first 9m of 2021, revenues increased by 45%, EBITDA increased 52x, while net profit amounted to HRK 1.1bn.

In the first 9m of 2021, INA reported a strong increase in revenues of 45% YoY (to HRK 16.25bn). Such an increase was primarily supported by improvement in hydrocarbon prices and product quotations.  In the Exploration and Production segment, sales amounted to HRK 2.59bn showing an increase of 58% YoY. The company noted that higher prices impacted sales revenues positively by HRK 1.13bn. 66% higher realised Brent price brought an additional HRK 528m crude oil and condensate sales revenues, while increased gas prices added a positive effect of HRK 520m.

On the operating expenses side, one can notice an increase of 22% (to HRK 15.5bn). Costs of raw materials and consumables were 53% YoY higher, reflecting different dynamic of refinery operations and higher prices. As a result of the above mentioned, EBITDA of INA Group amounted to HRK 2.34bn, which represents an increase of 52x. Such a result also puts EBITDA margin at 14.1%. Exploration and Production segment is the main contributor to the results with EBITDA of HRK 1.6 billion, which represents an increase driven by improved average realized hydrocarbon price level of 58 USD/boe. Still, natural production decline continues across the asset base. Refining and Marketing including Consumer services and Retail results reached HRK 1bn on the back of a better than expected tourist season.

Going further down the P&L, operating profit amounted to HRK 1.15bn, compared to a loss of HRK 1.2bn seen in 9m of 2020. At the same time, INA’s bottom line benefited from a favourable net financial result (gain of HRK 128m in 9m 2021 vs a loss of HRK 56m in 9m 2020), which could be attributed to FX gains and higher other net financial gains.

As a result of all of the above, in the first 9 months of 2021, the Group reported a net profit of HRK 1.097bn, compared to a loss of HRK 1.05bn in 9m of 2020.