Jadranski naftovod d d : Revenues from core business continue to grow

29.07.2021. 14:15

Zagreb - JANAF Plc., company listed on the Zagreb Stock Exchange announced the business results for the first semester of 2021 on 29 July 2021. In the first half of this year, JANAF has generated a total of HRK 377.9 million in revenues, which is almost 5% more than planned, and reflects a continued successful business period. Operating revenues account for 99.5% of the total revenues in the current period.

In this year's first semester, JANAF has generated a gross profit of HRK 164.8 million, while the net profit totalled HRK 135.1 million. Revenues from the Company's core business - crude oil transport and storage of crude oil and petroleum products - amounted to HRK 371.1 million, which is 1% more compared to the same period last year and 4.4% more than planned. More than 62% of the core business revenues were generated through operations with foreign customers, which reaffirms the company's focus on exports. In addition to transporting oil for numerous foreign and domestic customers, JANAF generates almost 50% of its revenues through storage of crude oil and petroleum products, despite strong competition on the Mediterranean spot market.

The Company's financial indicators show above-average values, with an EBITDA percentage of 71.18%, a cost-effectiveness ratio of 1.76 and a current liquidity ratio of 8.74.

In the observed period, the Company has invested almost HRK 69 million in the storage tank farm, pipeline system, and surveillance, management, safety and protection systems. In accordance with the development of a new business strategy based on diversification of operations into a green economy and transition to low carbon energy, JANAF continues to give consideration to renewable energy projects, as well as possible cooperation with potential partners.

'This year's record business results are a reflection of sound management decisions, good governance and the company's business strategy. The continuing growth of revenues from core activities was achieved despite unfavourable market circumstances concerning oil storage, which makes up more than 40% of the Company's revenues. In this period, our proactive approach enabled us to overcome unfavourable circumstances on the oil market and continuously increase revenues from crude oil transport and storage of crude oil and petroleum products. This approach has resulted in a stable cash flow and above-average financial indicator values. We place great emphasis on diversification of operations into a green economy and transition to low-carbon energy, transforming JANAF into a low carbon company through the development and implementation of a new long-term development strategy by 2050. When it comes to our business operations, we have a clear mission and vision, and a stability of management that will ensure further growth and development of the company, and are hoping to continue performing strongly in the future. These successful results are significant not only for JANAF, but for Croatia as well, considering JANAF's strategic role for the country and the fact that it forms the backbone of Croatia's energy independence,' said JANAF's Management Board, headed by Board Chairman Stjepan Adanić, MSc., and Board Member Vladislav Veselica.