Zagreb – Jadranski naftovod Plc announced that it generated 153,3 million EUR in total revenues in 2023, which is almost 29% more compared to the previous year. According to the Company's Unrevised consolidated and unconsolidated financial reports for the period from 1 January to 31 December 2023, published on 27 February 2024, JANAF PLC generated a gross profit of 63,4 million EUR, which is 26,7% more compared to the previous year.
This is the third year in a row during the current Management's mandate that JANAF has exceeded its already historically excellent business results. Strong investments in transport and storage systems, strategic consideration of its business and a proactive approach towards business partners and clients have transformed JANAF into an exceptionally profitable company and key energy hub in this part of Europe. The current Management's efforts played a role in continuing the period of high-capacity utilization of the Company's storage and transport capacities, bringing with it the continued growth of created value and a stable cash flow. The last three years have also brought a considerable growth in financial assets, which now amount to over 200 million EUR – a 150 million EUR growth compared to the moment when the current Management took charge of the Company in September 2020.
''I am exceptionally pleased that we have begun our Company's 50th anniversary with a renewed positive reputation and historical yearly results. The financial results achieved in the previous year indicate the correctness of this Management's strategic decisions and overall business direction. We have underlined, despite obstacles and with the full support from our growing number of partners, JANAF's importance not just for the energy sector, but also for the entire economy of the Republic of Croatia. JANAF remains secure in its role of the guarantor of energy independence and security for the Republic of Croatia, the European Union and neighboring countries. We are aware of the fact that the current Management's work and engagement have added greatly to the sustained growth of financial indicators and we believe this positive trend will continue in the following period, supported by our employees who contribute to the Company's growth and development, as well as our owners' support'', pointed out JANAF's Management Board Chairman, Stjepan Adanić, MSc.
''Despite repeated defamations of both the Company and its Management, JANAF continues to grow, both in terms of revenue and reputation among its partners, the most important oil and energy companies in the region and worldwide. This serves as proof that this Management has kept its partners' trust during the last couple of years, which have been challenging in terms of management and business – both because of the Company's damaged image and global geopolitical circumstances. Our steady cash flow enables development investments and continued improvements in terms of security, efficiency and service quality. Bearing in mind the growing demand for JANAF's services in the storage segment, where we operate in the exceptionally competitive Mediterranean spot market, the increase in capacities at our Omišalj Terminal is a business imperative. Therefore, we have nominated the construction of new storage capacities as a strategic project of the Croatian Government. Investing in the increase of the transport system's flow capacity enables us to guarantee uninterrupted, safe transport and meet all the demands for crude oil among central European countries. In addition to the digitalization of business processes, which is already underway, JANAF remains dedicated to achieving its core mission – ensuring an uninterrupted system of oil and derivative supply for all our partners'', said Board Member Vladislav Veselica.
According to the financial report published on the capital markets, the net profit generated in 2023 amounts to almost 52 million EUR, 27,6% more compared to the previous year. Most of the profit was generated from the Company's core activity – oil transport and the storage of oil and derivatives – amounting to a record-breaking 146,7 million EUR, which is 28% more than the year before. Business with foreign buyers accounts for 73% of the profit generated by the core activity, indicating a considerable contribution to the Republic of Croatia's export balance.
The Company continued to invest in the maintenance and development of infrastructure throughout 2023, using 20 million EUR of its own funds to improve the pipelines, storage tanks, surveillance, management and security systems and the digitalization of business processes. The Company remains dedicated to expanding business relations with its partners and actively considering the future of the energy sector, while simultaneously continuing to develop and diversify its business activities, much to its employees', owners and customers' pleasure.