INA’s net sales revenue grew 51.5% on the year to reach HRK 22.4 billion in 2021.
The company’s CCS EBIDTA excluding special items reached HRK 3.03 billion, up by 70% from 2020.
“In 2021 the macro environment for oil and gas industry has improved thanks to the easing of restrictive measures and rising hydrocarbon prices. In such environment Exploration and Production once again spearheaded the recovered result, although the production natural decline continues in line with the mature portfolio. The other segments further supported the results, primarily Retail due to improved fuel and non-fuel sale, also partially due to tourist season, which was better than expected,” the company’s management board chair, Sandor Fasimon, was quoted as saying.
The financial statement notes that the hydrocarbon prices had doubled compared to 2020.
This price increase helped the Exploration and Production segment to be “the main contributor to the results with EBITDA excluding special items of HRK 2.5 billion, despite natural decline of production on mature fields.”
“Refining and Marketing including Consumer services and Retail CCS EBITDA reached HRK 0.9 billion on the back of better Retail sales both in fuel and non-fuel segments.”
Investments rise
Investment activities increased throughout the segments compared to 2020 with CAPEX level of HRK 1.6 billion, of which roughly half was spent in Refining and Marketing. The main strategic investment, Rijeka Refinery Upgrade Project continues with focus on construction works and equipment delivery to the site.
INA said it had successfully issued a HRK 2 billion bond on the domestic market in December 2021, “creating a solid financial base for the intensive investment cycle ahead.”
“In time of changes in the energy sector, INA is committed to diversifying its portfolio and assisting the green transition, regardless of our core business. Two new solar power plants are going to be built at Virje and Sisak, which is an important step in the company’s green electricity production,” the statement said.
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