INA Group achieved a net profit of 559 million kuna in the first nine months of this year, which is a very good success considering the deteriorated business conditions in the sector.
As explained by Zoltan Aldott, CEO of INA, during the announcement of the business results, the results could have been even better if it weren’t for the loss in gas trading of 460 million kuna and one-time provisions of 719 million kuna (related to remediation programs and funds allocated for environmental protection). These are the first strong results in the last two years, and the company proudly stated that the success was achieved despite fulfilling all obligations to the state from the third quarter of last year to the third quarter of this year, totaling 2 billion kuna plus 220 million in interest, and unfavorable market conditions. In addition, key investment programs, such as the modernization of refineries and the construction of the central gas station Jihar Stage 3 in Syria, will be completed by the end of this year.
The strong net profit is a result of increased efficiency and savings, and INA plans to save a total of 1.9 billion kuna from 2008 over the next 3 to 5 years. Savings have been achieved not only through the planned layoff of 1,500 employees but also by revising contracts in the procurement process, optimizing activities across all operations, and implementing new, more efficient procurement tender processes. In conclusion, Aldott stated that INA will once again become a regional leader and a company that Croatians can be proud of. (V. F.)
