JANAF's profits increase by almost 16% in first half of 2022

28.07.2022. 12:28

Zagreb – Jadranski naftovod (JANAF Plc.) (ZSE: JNAF) announced today, 28 July 2022, that in the first six months of 2022, it generated HRK 416.4 million in total revenues, which is 10.2% more compared to the same period last year. This is due to its business growth, renewal of contracts with existing partners and initiation of new partnerships.

In the first half of 2022, operations of Jadranski naftovod (JANAF Plc.) took place in an extremely dynamic geopolitical environment and with new business opportunities. In a period marked by oil supply disruptions, negative trends in global financial markets and global inflationary pressures, the strategic decisions of the Management Board have enabled the company to preserve the stability and profitability of operations and achieve exceptional business results. The Company is now presented with an important opportunity to become a key player in the energy stability of the entire European Union, and we stand ready to assume that strategic role.

Despite all the uncertainties that will mark the upcoming period in the global economy, JANAF has built a strong foundation for continued successful operations, including the trust of partners and clients, whose number is continuously expanding, as well as that of our owners, employees and the wider community. The half-year results are an excellent indicator and a step on the way to a successful 2022 for JANAF”, said JANAF’s Management Board, headed by Management Board Chairman Stjepan Adanić, MSc, and Board Member Vladislav Veselica.

According to a financial report published on capital markets, in the first six months of 2022 the Company generated a gross profit of HRK 190.7 million and a net profit of HRK 156.3 million, which is 15.7% more compared to the same period last year. JANAF's core activity, oil transport and storage of oil and petroleum products, still makes up the majority of its total revenues. This activity accounts for a total of 98% or HRK 408.3 million in revenues, which is 10% more compared to the same period last year. Revenues from sales abroad account for 67% of its operating revenues in the observed period and are 19.4% higher compared to the previous year, demonstrating the Company's continued focus on exports. JANAF continues to invest in storage space, pipelines, facilities and other infrastructure, surveillance and management systems and the digitalisation of business processes in order to maintain competitiveness on the oil market in the wider region and ensure energy sovereignty of the Republic of Croatia and the European Union as a whole.