The INA oil company generated a net profit of 586 million kuna in the first quarter of 2022, which is a considerable increase from the 50 million kuna posted at the same time last year, the company's financial statement showed on Thursday.

The increase was fuelled by the rise in fuel prices.

Total revenue increased by 49.6% to 6.24 billion kuna, and total expenditure rose by 34.3% to 5.52 billion kuna.

“Exploration and Production revenues (1.4 billion kuna) and EBITDA (876 million kuna) roughly doubled in the supportive price environment, significantly overcompensating the effect of expected natural decline of production,” the financial statement said.

Investment activities intensified in Q1 2022, with capital expenditure increasing threefold from Q1 2021 to 846 million kuna, the majority of which was spent in refining and marketing.

“Global markets continue their volatile trend, in line with the high level of uncertainty in global economy and trade, although their level shows a more favourable environment for oil and gas companies. The sharp rise in both oil and gas prices is the main driver of the strong revenue growth in the entire oil and gas industry,” said Sándor Fasimon, president of the company’s management board.

(€1 = 7.5 kuna)