Revenue of the oil firm INA Group in the first nine months of 2019 totalled 16.55 billion kuna (€2.2 billion), two percent more than in the same period of 2018, the company reported on Monday. However, the group's profits dropped by 36 percent year-on-year to 679 million (€91 million).

CCS EBITDA excluding special items amounted to HRK 2.397 billion, improving 8% compared to the same period last year. The average oil prices decreased somewhat during the first nine months of 2019, therefore the reported EBITDA amounted to HRK 2.208 billion and profit amounted to HRK 679 million, the group said.

The group notes that the first nine months of this year were an intensive investment period.

“CAPEX increased by 69% compared to the same period last year and amounted to HRK 1,541 million, mainly driven by refining investments. Investments in Croatia amounted to HRK 1,319 million, more than double compared to the same period last year. Net gearing amounted to 21% with net debt at HRK 3,036 million,” the group said.

Sandor Fasimon, President of the Management Board of INA, said in a comment that the company’s intensive investments in the first nine months had started to show results.

“Total investments exceeded HRK 1.5 billion, majority of which was spent domestically. Rijeka refinery turnaround, as one of the largest ones in the company’s history, was completed. Numerous improvements implemented during this turnaround are already visible in the better production structure, with a higher share of profitable white products. This is also to be further improved with future expected projects, in line with the INA Downstream 2023 New Course program.

“Also, the increased level of Upstream activities in Egypt is starting to give results with a 23% increase of oil production in Egypt. This, together with the continuous workover activities in Croatia, currently stabilized the hydrocarbon production impacted with natural decline,” Fasimon said.

(€1 = 7.44 kuna)