Croatian oil and gas group INA recorded a consolidated net profit of 11.9 million euros in the first quarter, compared to a net loss of 14.2 million euros in the same period of 2023.
– The beginning of 2024, following the previous two years’ turmoil, shows a generally good environment with stable oil prices but the gas prices decreased significantly compared to the previous period resulting in CCS EBITDA excluding special items of 64 million euros in the first quarter – CEO Zsuzsanna Ortutay said in a filing to the Zagreb bourse.
CCS EBITDA, or net income from operations at current cost of supply excluding special items amounted to 23 million euro in the first quarter of 2023.
In the January-March period, INA recorded an increase in EBITDA excluding special items by 62%, to 60 million euros.
In the same period, net sales revenue rose 5%, to 801.8 million euro. Lower prices, primarily gas prices, dented sales revenues by 19.1 million euro. The average Brent crude price was 3% higher on the year in the first quarter of 2024. Capital expenditures almost doubled, reaching 101.4 million euros.
