Zagreb – JANAF Plc., as a company listed on the Zagreb Stock Exchange, announced today, on 23 February 2021, the unaudited consolidated and unconsolidated financial statements for the period from 1 January until 31 December 2020. Last year, the Company’s total revenues amounted to HRK 790 mil., thus showing a 10.6% increase compared to the same period of the year before. Thus, the Company achieved the best business results ever since its establishment.
In 2020, the gross profit achieved amounted to HRK 351.6 mil. and is up by 9.9% compared to the one realised in the previous year, while the net profit amounted to HRK 288.1 mil., showing a 10% increase compared to the previous year.
The revenues obtained from the Company’s core business - transportation of crude oil and storage of crude oil and petroleum products, amount to HRK 757.9 mil. and are up by 14.3% compared to the ones realised in the previous year.
Such business results confirm the company’s export orientation since over 66% of the revenues obtained from the core business, which amount to almost HRK 500 mil., is realised by doing business with foreign clients. JANAF achieves 46% of its revenues obtained from storage on the international Mediterranean spot market, where it is faced with strong competition from Israel, Cyprus, Italy, Spain, France and the countries of the African-Mediterranean basin.
The Company’s financial indicators show the above-average values – EBITDA margin 67.96%, cost-effectiveness ratio 1.82 and debt ratio 0.
During 2020, the Company invested over HRK 492 mil. of its own funds. Such investments mostly relate to the crude oil storage tank farm at the Sisak Terminal, the Žitnjak Terminal modernisation, pipelines, and other facilities and infrastructure. The Company also achieved a high utilisation of its storage and transportation capacities by contracting new business deals, thus eliminating a significant part of potential business risks and ensuring revenue stability for the next period.
“Despite operational and reputational risks that marked the JANAF business operations in 2020, we succeeded to achieve exceptional business results, first of all, owing to a joint engagement of the employees and the management, as well as by optimal and timely made decisions of a new Management Board of the Company. The record business performance arises primarily from the growth of the core business activities. At the same time, the significant step forward is made in the last quarter through optimisation of investments and the conclusion of new contracts on transportation and storage of crude oil and petroleum products on the Mediterranean market. Furthermore, through intensified contacts with business partners, the new Management Board succeeded in guaranteeing stability and security of further business operations, which is especially confirmed during a recent business evaluation process of contracts and further cooperation with BP Oil International regarding the crude oil storage at the Omišalj Terminal. We expect with optimism a continuance of this profitable business cycle, given the fact that the stabilisation of the global economy will unquestionably influence the energy demand increase.
Considering all business circumstances that occurred over the last period, the new Management Board is focused on developing a new business strategy and providing business operation continuity as a key factor of the Company’s stability. Moreover, the preparation and development are underway of a new long-term development strategy with the 2050 business vision that anticipates the JANAF’s transformation into the energy company and low-carbon transition”, said Stjepan Adanić, MSc., Chairman of the JANAF Management Board.