Over the first nine months of 2018 the oil conglomerate INA Group increased its sales revenues by 21 percent year-on-year to 16.2 billion kuna (€2.2 billion), with its net profit over that period totalling 1.06 billion kuna (€143 million), or up 9 percent year-on-year, the oil company's quarterly financial statement released on Friday indicates.

Over the first nine months of 2018 the oil conglomerate Ina Group increased its sales revenues by 21 percent year-on-year to 16.2 billion kuna (€2.2 billion), with its net profit over that period totalling 1.06 billion kuna (€143 million), or up 9 percent year-on-year, the oil company’s quarterly financial statement released on Friday indicates.

The company said that the increase in revenues was mainly driven by higher sales of refined products, combined with higher prices of crude oil and products.

The report said that consolidated earnings before taxes (EBITDA) decreased by 10 percent year-on-year, and amounted to 2.2 billion kuna (€296 million), due to worsened reults posted by their Refining and Marketing sectors, including Retail.

Operating profit remained unchanged from Q3 2017, at 2.7 billion kuna (€364 million) in the first nine months of 2018.

“Ina operations in 2018 continue to be positively impacted by increase in oil prices and favorable Upstream environment. The total effect on INA revenues was significant, with more than 20 percent increase, and profit even surpassed the comparable 2017 level,” CEO Sandor Fasimon said, commenting on the report.

He added that refining volumes increased in Q3 2018, offsetting the earlier lower output due to regular maintenance works, and bringing the 2018 throughput to somewhat higher level compared to the same nine-month period in 2017.

(€1 = 7.42 kuna)

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