Oil and gas company INA said that its consolidated net profit in 2023 remained the same as the previous year, at 250 million euros, amidst a stabilisation of hydrocarbon prices.
Despite the inevitable impact of lower oil and gas prices in our exploration and production business, the company’s overall performance remained resilient – CEO Zsuzsanna Ortutay said in a filing to the Zagreb bourse.
INA group records a decrease in EBITDA by 22%, to 523 million euros, which was anticipated given the prevailing environment of reduced prices, she added.
Net income from operations at the current cost of supply, excluding special items of INA group for 2023, amounted to 496 million euros. The main reason for the EBITDA drop was the decrease of hydrocarbon prices by 28%, while gas prices posted even sharper decline, INA said.
Net sales revenue fell 16% on the year to 3.9 billion euros. Lower prices of oil and gas had a 241.7 million euro negative impact on sales revenues. The average Brent crude price fell 18% in 2023.
Capital expenditures amounted to 311 million euros, a 14% decrease compared to 2022.
