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.

In the 9M of 2021, the Group noted an increase in revenues of 35.9%, increase in EBITDA of 59.9% and an increase in net profit of 297%.

In the first nine months of 2021, operating revenues of Span Group 35.9% YoY, reaching HRK 587.4m. Software Asset Management and Licensing, which accounts for the 73.5% of all revenues, noted an increase of 39% YoY, reaching HRK 430m. Meanwhile, all other segments noted a double digit increase as well, with Infrastructure Services, Cloud & Cyber Security segment noting the highest relative increase of 47%. Looking solely at Q3, one can observe a very solid increase in operating revenues by as much as 75% YoY. Looking at the 9m sales by region, 25% of it related to the Croatian market. Meanwhile, the most significant growth of revenues of the Group was noted on the UK reaching HRK 46m (+137%).

Operating expenses reached HRK 570.75m showing an increase of 34.1%. The expenses for goods and services sold increased due to increase of related revenue. Employee costs increased by 11% due to a higher number of employees.

The above mentioned led to EBITDA of HRK 27.32m, showing an increase of as much as 59.9% YoY. Such a result puts EBITDA margin at 4.7% (0.7 p.p. YoY). However, EBITDA before one-off items increased by 93%, to HRK 32.9m. One-off items present expenses incurred by Span for the listing on the ZSE regulated market and relate to all operating costs necessary for its realisation.

Going further down the P&L, operating profit amounted to HRK 16.7m, noting an increase of 158% YoY. In the first 9m net profit reached 15.05m, which represents an increase of 297% YoY.