JANAF Concludes Transport & Storage Contracts with INA

Source: www.gulfoilandgas.com 7/2/2021, Location: Europe

JANAF Plc. has concluded contracts for transport of crude oil and storage of petroleum products with INA d.d. The contract for the crude oil transport on the Omišalj Terminal – the Rijeka Oil Refinery pipeline section has been concluded for the period from 1 July 2021 to 30 June 2022. The other contract, covering the storage of petroleum products at the Žitnjak Terminal, starts on 1 August 2021 and ends on 31 July 2024, with the possibility of extension for another two years.

"Despite the current challenges in the oil market, the conclusion of contracts with INA is yet another confirmation of the significance of JANAF as the backbone of Croatia's energy independence. The strategic importance of JANAF for the Republic of Croatia is further underlined by continuous business successes and admirable results of our extremely stable operations, accompanied by enhanced relations with our partners who are key players in the oil market in this part of Europe. The reputation and significance of the Company, which are based on sound management decisions, are reflected in the following high-quality partnerships with oil companies and oil traders. Indicators of JANAF's strong presence and stable position in the oil market are also a result of a proactive approach to business partners resulting in new or extension of existing storage contracts, despite strong competitors in the Mediterranean spot market", said JANAF's Management Board, headed by the Board Chairman Stjepan Adanic, MSc and Board Member Vladislav Veselica. They expressed their satisfaction with the continued business relations with INA. JANAF's Management Board also draws attention to record business results achieved in 2020 resulting from its decision to optimise investments and conclude new transport and storage contracts in the last quarter of the year, as well as from increased revenues generated by its core business activity.

According to performance data published for the first quarter of 2021, this is another successful business year for JANAF Plc. In this year's first quarter, JANAF has generated a total of HRK 198.4 million in revenues, which is almost 10 % more compared to the same period last year, with operational income accounting for 99.3 % of the total income in the current period. In the first quarter, the gross profit was HRK 93.1 million, while the net profit totalled HRK 76.4 million. Revenues from the Company’s core business – crude oil transport and storage – amounted to HRK 195.1 million, which is 11 % more compared to the previous year. JANAF Plc. remains focused on exports as more than 62 % of core business activity income was generated through operations with foreign customers. Also, financial indicators show above-average values, with more than HRK 54 million in investments.


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