In 2021, sales revenue increased by 51% YoY, EBITDA increased 235%, while net profit amounted to HRK 1.3bn.
Last week, INA published its FY 2021 results. In it, they demonstrated a significant increase in sales revenue of 51%, amounting to HRK 22.4bn. This increase was driven by higher hydrocarbon prices, that is, higher oil and gas prices. In total, higher prices of these commodities added HRK 1.86bn to sales revenue, with gas adding HRK 937m and oil adding an additional HRK 798m. Combined with the loosening of restrictive measures and fast economic recovery experienced all across Europe, this had a positive effect on the Company. The segment „Refining and Marketing, including Consumer Services and Retail“, experienced most of this increase, growing by 55% YoY from HRK 14.15bn to 21.91bn.
The Company’s EBITDA increased by 235% YoY, amounting to HRK 3.3bn. This increase was mainly driven by the increase in hydrocarbon prices, with Exploration and Production segment being the main contribution to EBITDA, with HRK 2.5bn. The remaining amount was made in the Refining and Marketing incl. Consumer Services and Retail, on the back of better Retail sales in both the fuel and non-fuel segments.
Operating expenses amounted to HRK 21.2bn, an increase of 30% YoY from 2020’s HRK 16.3bn. This increase was mainly driven by the increase in the cost of raw materials and consumables (which increased from HRK 5.7bn to HRK 8.8bn, or 54%), and COGS, (which increased by 80%, amounting to HRK 6.6bn).
Moving further down the P&L, the net profit from financial activities amounted to HRK 94m, as compared to a loss of HRK 68m in 2020, mainly due to positive FX gain in 2021, compared to an FX loss in 2020.
Finally, the net income for the period amounted to HRK 1.3bn, as compared to a net loss of HRK 1.1bn in 2020. This increase was driven by the aforementioned hydrocarbon price increases, as well as the economic recovery that was experienced during 2020.
It should also be noted that during the year throughout its segments, the Company invested a total of HRK 1.6bn, with HRK 1.38bn being spent on domestic projects, and HRK 214m being spent on international ones. To support these new investments, in December 2021, the Company also issued a bond in the amount of HRK 2bn on the domestic market.
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