Croatian oil company INA reported a net profit of 44.7 million euros for the first half of 2024, marking a 39% decline from the 73.1 million euros earned in the same period last year.
CEO Zsuzsanna Ortutay highlighted that the first half of 2024 featured stable performance across all business segments, a continued strong investment cycle, and a strategic push into renewable energy. Despite stable oil prices, the significant drop in gas prices impacted overall results. However, CCS EBITDA (net income from operations at current cost of supply excluding special items) remained relatively strong, though it was 3% lower than the previous year, totaling 158.9 million euros compared to 163.6 million euros in H1 2023.
The INA Group saw a 16% decrease in EBITDA excluding special items, falling to 153.2 million euros. Sales revenues increased by 4% year-on-year to 1.745 billion euros. However, lower prices, particularly for gas, reduced sales revenues by 25.6 million euros. The average hydrocarbon price in the first half of 2024 was 10% lower compared to the previous year.
Capital expenditures increased by 21% year-on-year, reaching 173.3 million euros.
