ZAGREB, July 26, 2019 - In the first half of 2019, the INA oil group recorded a net profit of HRK 188 million excluding special items, which is 65 percent less than for the same period last year and a consequence of a lower refining margin environment, its financial statement showed on Friday.
The INA Group revenues totalled 9.79 billion kuna, up 3 percent compared to the first half of 2018. CCS (current cost of supplies) EBITDA dropped by 11 percent to 1.175 billion kuna.
Capital Investments (CAPEX) more than doubled compared to the same period last year and amounted to 1.183 billion kuna, mainly driven by refining investments.
Net gearing amounted to 14 percent, whilst net debt was at 1.763 billion kuna, reflecting a very strong balance sheet.
Investments in Croatia amounted to 992 million kuna, more than double compared to the same period last year.
"First half of 2019 was a period of intensive investment for INA. Total investments reached almost 1.2 billion kuna, majority of which was spent domestically. Refining capital expenditures more than tripled compared to the same period last year, to more than HRK 800 million, mainly related to the Rijeka Refinery turnover, one of the largest ones in the company’s history," Management Board president Sandro Fasimon said.
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