The Ina Group generated 9.27 billion kuna (€1.2 billion) in net income from sales in the first six months of 2021, up 31 percent year-on-year. Its net profit totalled 534 million kuna (€71 million) - a stark difference from the same period last year when the oil giant posted a loss of 965 million kuna loss (€128 million), state agency Hina reported, citing a press release.

Croatia’s national oil and gas company said on Thursday that there was “further improvement in the external environment which had a positive impact on INA’s business results,” probably referring to the gradual return to normalcy after most of Europe was paralyzed in 2020 due to the coronavirus pandemic.

“However the Covid-19 pandemic is not over yet,” state agency Hina informed the public, citing the oil company’s press release.

“The second quarter of 2021 showed further improvement in external environment with Brent oil prices well above $60 per barrel and CEGH gas price at €24 per MWh. Product demand has increased close to pre-crisis levels in our core region, however the Covid-19 pandemic is not over yet, therefore economic recovery remains still fragile,” Ina said.

The group’s EBITDA surpassed 1.2 billion kuna, while profit for the first half of 2021 amounted to 534 million kuna.

The company’s Exploration and Production segment benefited strongly from the higher hydrocarbon prices and increased its EBITDA contribution by 64 percent to 911 million kuna, despite 11 percent lower production caused mainly by natural decline, Ina said.

(€1 = 7.51 kuna)