Oil company INA recorded a net profit of 158 million euros in the first nine months – 58% lower compared to the same period in 2022.
Macroeconomic stabilization of hydrocarbon prices continued throughout the year so did the price environment decrease for final products, compared to the first nine months of 2022. This resulted in a 45% lower EBITDA compared to the same period 2022 amounting to 341 million euros.
Following the external environment, the EBITDA of the Exploration and Production segment declined by 43%, while at the level of 293 million euros, it is still the main cash generator of the company. The natural decline of production was 6%, expected and in line with the portfolio maturity and turnaround of gas treatment facilities, although some increase in production is visible in Egypt due to development activities.
Refining and Marketing including Consumer services and Retail segment operations are adversely impacted by a lower-margin environment. Despite the market challenges, a safe supply of the market was ensured also in the tourist season, with the usual peak of sales.
Retail fuel sales volumes increased by 22% compared to the first nine months of 2022, however, retail fuel price regulation continued to depress the segment’s financial result. Rijeka Refinery is in operation, with a significant positive contribution to the result. Strong tourist season alongside additional offer expansion resulted in further growth of non-fuel margin.
Investment activities resulted in 282 million euros in spending, which is an 11% increase compared to the first nine months of 2022.
