JANAF achieves record business results in 2022

28.02.2023. 12:01

Jadranski naftovod (JANAF Plc.) (ZSE:JNAF) announced that in terms of business results 2022 was its most successful year since the company's founding, as demonstrated by the Unrevised and unconsolidated business reports for the period from 1 January to 31 December 2022, published today, on 28 February 2023. The successfully achieved financial indicators are a result of the Management's proactive approach towards business partners, which has led to a high utilisation rate of JANAF's storage and transport capacities and ensured stable business activities and financial course.

,,The business results achieved in the exceptionally successful year 2022 provide ample reasons for satisfaction. During this Management's mandate, JANAF has reached the position of a company with a high cash flow and considerable investment potential, ready for big investments in infrastructure and the diversification of its business activities. We have readily accepted the confirmation given by the highest authorities of the European Union, which have accepted us as a strategic component of the European continent's energy infrastructure. I am convinced that we have confirmed our strategic importance for the European Union and the Republic of Croatia through a combination of the management and employees' dedicated work, the Management's carefully considered decisions and the Croatian Government's support. We are facing a challenging period where we will continue to improve our services and infrastructure, but also transform JANAF into a company compliant with the EU Green Plan and the Croatian Government's corresponding policies. During the last business year the company adopted the key document to aid this course, the JANAF Development and Transition Strategy 2022 – 2030 with a 2050 perspective. All activities necessary for JANAF's medium term transformation  into an energy company are already under way'', said JANAF's Management Board Chairman, Stjepan Adanić, MSc.

''JANAF's business operations in the last year were largely marked by renewed contracts with existing partners and users of our transport and storage services, as well as the partnerships concluded with new respectable companies in the regional and global energy market. This confirms the trust and good business relationships between JANAF and its key partners. We have achieved a high utilisation rate of our transport and storage capacities, as well as a strong income growth from our core business activity. The excellent business results come at a time of further uncertainty in the energy market due to the geopolitical events taking place. Our partners' growing needs will require a reinforcement of JANAF's storage capacities in Omišalj and Sisak. When it comes to oil delivery into Central European countries, JANAF is already prepared to increase the transport capacities of its oil pipeline system. Along with the further development of quality partnerships and high-quality services for all our users, we are ready to continue to rise up to all the challenges and develop JANAF into a key energy company for this part of Europe'', said Board Member Vladislav Veselica.

According to the financial report published on the capital markets, in 2022 the Company generated a total profit of 897 million HRK (119 million EUR), which is 13% more compared to the previous year. A 377 million HRK (50 million EUR) gross profit was generated in 2022, which is almost 16% more than the previous year, while the net profit amounted to 307 million HRK (41 million EUR), 15% more than the previous year. A growth in revenue from the Company's core activity, oil and petroleum products transport and storage, was recorded in the previous year, amounting to a record sum of 864 million HRK (115 million EUR), which is over 13% more than the year before.

Almost 68% of revenue from the Company's core activity was generated from business with foreign buyers, while the achieved results demonstrate the Company's strong orientation on export. The Company continued investing throughout 2022, using almost 85 million HRK (11 million EUR) of its own funds to improve the pipelines, storage tanks, surveillance, management and security systems and the digitalisation of business processes. The Company intends to leverage investments in the maintenance and development of infrastructure, as well as the continued improvement of security and efficiency in the provision of services to aid the company's further growth and development and create new values to the mutual pleasure of its employees, owners and customers.