Agro news

Profit in the first nine months reaches HRK 124 million

In the first three quarters of 2019, Petrokemija PLC generated net income in the amount of HRK 124 million, compared to HRK 341 million loss recorded in the same period last year. Taking into account the results without special items, net income generated in the first nine months amounted to HRK 178 million, compared to HRK 249 million net loss in the first nine months in 2018. Special items refer to CO2 emission fees and funds earmarked for severance pays.

In the reporting period, Petrokemija’s sales income rose by 35 percent, resulting mainly from considerably higher sales on the domestic and regional market. EBITDA excluding one-time items rose to HRK 270 million as a result of increased volume of sales on more profitable markets and the record low prices of natural gas on the European market. Compared to the same period last year, no significant changes in fertilizer prices were recorded.

“The 2018 recapitalisation and very good results achieved in the first three quarters of 2019 have significantly contributed to Petrokemija’s financial position, reducing its net debt to the lowest level in recent years. Business operation in 2019 is still benefitting from external and internal factors; however, the Company needs to additionally strengthen its resilience to external disruptions and impacts and, in that respect, continue with cost control, optimization of business processes and creating preconditions for the investment cycle,” said Davor Žmegač, the President of the Management Board of Petrokemija PLC.

 

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