ZAGREB, 29 April, 2021 - INA posted the net profit of HRK 50 million in the first three months of 2021, according to the latest quarterly financial report released by this leading Croatian oil group on Thursday.
For the sake of comparison, in the Q1 2020, INA registered a loss of HRK 178 million.
In the first three months of 2021, the group's revenues totalled HRK 4.17 billion, rising by 0.6% on the year, whereas the expenditures contracted 19.7% to 4.11 billion kuna.
The statement reads that "the beginning of 2021 was marked by a more favorable external environment compared to 2020, which was one of the most challenging years for oil & gas industry."
"Although world economy is still far from recovery and demand is limited, impact of gradual easing of COVID-19 restrictions is visible," it says.
"EBITDA reached HRK 467 million and Profit for the period amounted to HRK 50 million, in contrast with the losses in 2020 caused by a large drop in hydrocarbon prices and consequent negative inventory revaluation," INA reported in its financial statement.
"Exploration and production benefited from the increased hydrocarbon prices but natural decline continued with production level below 28 th boe/d, 12% lower compared to Q1 2020. This drove the segment’s EBITDA to HRK 401 million, 5% lower compared to Q1 2020."
In Q1 2021, INA entered a new concession in Egypt, following efforts to partly compensate for the natural decline of production on domestic fields.
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