Excellent Business Year for JANAF

28.02.2022. 11:20

Zagreb – JANAF Plc. has successfully completed financial year 2021 and achieved excellent business results, as evidenced by the unaudited consolidated and unconsolidated financial statements for the period from 1 January to 31 December, which were published today, 28 February 2022.

In 2021, the Company has generated the highest total revenues since its establishment. Total revenues for the previous year amounted to HRK 793.6 million, surpassing the projected amount by 11.4%. JANAF's gross profit in 2021 was HRK 325.8 million, while the net profit amounted to HRK 266.4 million. Last year saw a growth in revenues from the Company’s core business, crude oil transport and storage of crude oil and petroleum products, amounting to HRK 762.1 million, which is 8.5% more than the projected amount. Operations with clients abroad generated over 63% of revenues (HRK 481.3 million) from the core business. These results reflect the Company’s continued orientation towards exports, where a part of its income derived from storage is generated on the Mediterranean spot market. On the Croatian market, the Company’s core business activity has generated HRK 280.8 million in revenues. The Company’s financial indicators show above-average values, with an EBITDA margin of 69.64%, efficiency ratio of 1.67, and debt ratio of 0. During 2021, the Company invested close to HRK 110 million of its own funds into storage facilities and other infrastructure, surveillance, management, safety, protection and IT systems, as well as into digitisation of its business processes. The values of the above indicators result from new or renewed contracts, which translate into a high level of storage and transport capacity utilisation, and ensure stable activities and cash flow.

I am exceptionally satisfied with the business results that JANAF has achieved in 2021, and would like to thank all our employees for their devoted work, which has allowed for our success in the previous year. The process of business rationalization, which we undertook last year, made the Company stronger and even more profitable. Today, the Company is financially healthier and more valuable than in the previous years. Our success is a confirmation of the strategic direction and vision of this Management, and is supported by the highest total revenues since the Company’s establishment. We have proved again that JANAF is the backbone of Croatia’s energy independence, and an indispensable element of the energy market of the neighbouring countries and the European Union. At the beginning of this year, we have adopted a Business Diversification Strategy, which will enable JANAF’s timely transformation into a low-carbon energy company and ensure its long-term stability. I am convinced that in the upcoming period we will overcome the turbulence on the global economic market and, together with our employees, continue to grow the Company to the satisfaction of its owners and business partners. In addition, as a socially responsible company, we will continue to invest in the professional development of our employees, environmental protection, and the advancement of the community as a whole“, said Stjepan Adanić, MSc, Chairman of the Management Board.

Last year, several long-term partnership agreements were extended and new ones have been concluded in the area of storage and transport, as a result of proactive joint efforts of the management and the employees. I look forward to continued and new activities in the oil sector, as well as to the upcoming transformation of JANAF into a fully-fledged energy company, which was initiated by the Management Board as one of its priorities from the moment it assumed its duties. In the near future, JANAF intends to become a leader in the transition towards low-carbon economy, and one of the largest suppliers of renewable energy in Croatia. It is my great honour and pleasure to take part in the creation of business policies that will enable such a demanding, but inevitable transformation, which will in turn lead to unimpeded growth of our business”, said Vladislav Veselica, Member of the Management Board.