JANAF continues positive trend of revenue growth from core activities

JANAF d.d., a company listed on the Zagreb Stock Exchange, announced today, July 29, 2021, its business results for the first half of 2021. The company achieved total revenues of HRK 377.9 million in the first six months of this year, which is almost 5 percent higher than planned, thus continuing a successful business period. According to the statement, operating revenues account for 99.5 percent of total revenues in the current period.

In the first half of this year, JANAF d.d. achieved a gross profit of HRK 164.8 million, while net profit amounts to HRK 135.1 million. Revenues from the company’s core activities, oil transportation and storage of oil and oil derivatives, amount to HRK 371.1 million and are 1 percent higher than the revenues achieved in the same period last year and 4.4 percent higher than planned. More than 62 percent of revenues from core activities were generated from business with foreign customers, confirming the company’s export orientation. In addition to oil transportation for numerous foreign and domestic customers, JANAF generates almost 50 percent of its revenues from the storage of oil and oil derivatives in strong competition in the international Mediterranean spot market.

The company’s financial indicators show above-average values – EBITDA rate of 71.18 percent, efficiency coefficient of 1.76, and current liquidity coefficient of 8.74.

During the observed period, the company invested almost HRK 69 million in storage space, pipeline systems, and monitoring, management, security, and protection systems. In line with the development of a new business strategy based on diversifying into the green economy and low-carbon energy transition, the company continues to consider projects in the field of renewable energy sources, as well as potential collaborations with partners.

– The record business results achieved this year are an indicator of quality management decisions and a good direction and business strategy. The continuation of the positive trend of revenue growth from core activities has been achieved despite unfavorable market conditions related to oil storage, from which we derive more than 40 percent of our revenue. However, through our proactive approach in the past period, we have overcome unfavorable circumstances in the oil market and are constantly increasing revenues from oil transportation and storage of oil and oil derivatives. The results of such an approach are stable cash flow and above-average financial indicators of business operations. We also place great emphasis on diversifying into the green economy and low-carbon energy transition, that is, on transforming JANAF into a low-carbon energy company, which we will achieve by developing and implementing a new long-term development strategy by 2050. We have a clear mission and vision when it comes to managing the business, we have ensured management stability along with the growth and development of the company, so we can hope for the continuation of good results in the upcoming period. The achieved business successes are not only crucial for JANAF but also for the entire country, given the strategic importance of the company for the Republic of Croatia and the fact that JANAF represents an indispensable part of Croatia’s energy independence – emphasized the Management Board of JANAF d.d. led by CEO mr.sc. Stjepan Adanić and Management Board member Vladislav Veselica.

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