Zagreb – JANAF Plc., as a company listed on the Zagreb Stock Exchange, announced today, 28 April 2021, the business results for the first three months of 2021. In the first quarter (Q1) of this year, the Company achieved the total revenues in the amount of HRK 198.4 mil., thus showing an increase of almost 10% compared to the same period of the year before and continuing an exceptionally successful business period. The operating revenues account for 99.3% of the total revenues in the current period.
In Q1, JANAF Plc. realised the gross profit in the amount of HRK 93.1 mil., while the net profit amounts to HRK 76.4 mil.
The revenues obtained from the Company’s core business – transportation of crude oil and storage of crude oil and petroleum products, amount to HRK 195.1 mil. and are up by 11% compared to the ones realised in the previous year. The business operation this year shows the company’s strong export orientation since over 62% of the revenues obtained from the core business is realised by doing business with foreign clients. Besides the transportation of crude oil and petroleum products for numerous international and local clients, JANAF obtains almost 50% of its revenues from the crude oil storage on the international Mediterranean spot market, where it is faced with strong competition by the energy companies 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 72.80%, cost-effectiveness ratio 1.95 and current liquidity ratio 5.35.
In the observed period, the Company invested over HRK 54 mil. in the storage tank farm, pipelines and other facilities and infrastructure, as well as in the control and supervisory systems and safety and security. The project of constructing solar photovoltaic power stations continues at the JANAF’s terminals. Furthermore, the plans for this year include the project of the pipe replacement with the aim of increasing the security of the crude oil transport. Following the development of a new business strategy based on the diversification of business and investments into renewables, JANAF continues its cooperation with HEP and the Croatian Hydrocarbon Agency through expert teams and meetings.
“In the unfavourable market conditions and despite the reputational and currency risks, JANAF has shown excellent business results in the first three months of 2021. It is a continuation of the business policy of a new Management Board from the last quarter of 2020, when numerous contracts on transportation and storage of crude oil and petroleum products are concluded. These contracts were ensured among the strong competition on the Mediterranean market owing to the international procedure that we conducted the last year. Furthermore, the trust of local and foreign partners is justified by the contract on crude oil storage just concluded with the company DELTA-OIL INTERNATIONAL Ltd., by which we have additionally ensured the revenue stability and high occupancy level of the capacities in the next several years. Such results achieved send a strong message that the times of the Company’s crisis management are behind us and that we turn to new development projects that will increase the value of the Company, in accordance with the guidelines of the energy strategy of the Croatian government and the EU Green Plan”, pointed out the JANAF Management Board, led by the Chairman of the Board, Stjepan Adanić, MSc. and the Board Member, Vladislav Veselica. They look with great optimism on the continuance of the profitable business cycle of the Company and the stability of the global economy, which will increase the energy demand.