In the first quarter, the company generated a net profit of HRK 150 million compared to HRK 22 million of net profit generated in the same period last year. Comparing the results without non-recurring items, net profit in the first quarter amounts to HRK 131 million, as opposed to HRK 56 million in the first quarter of 2019.
In the first quarter of 2020, the COVID-19 pandemic did not have a negative impact on the demand for mineral fertilizers. With the company's ability to maintain continuous production, this resulted in a high volume of production and sales. The implemented efficiency measures, including the reduction in natural gas prices and CO2 emission allowances, also had a positive impact on the operation of Petrokemija Plc. in the first quarter of 2020.
Petrokemija Plc. has been monitoring closely the development of the situation concerning COVID-19 and following all recommendations by the Croatian Institute of Public Health with regard to securing health and safety of its workers. In addition, it has been working continually on evaluating the impacts of the pandemic on the Company's operation. The current status and structure of Petrokemija's assets and liabilities, as well as the current level of organization and adaptation of the processes of business activities in times of crisis, demonstrate the Company's ability to face numerous challenges in the coming period.