In the first half of the year, the company generated a net profit of HRK 239 million, compared to a net profit of HRK 29 million in the same period last year. Comparing the results without non-recurring items, the net profit for the first six months of 2020 amounts to HRK 251 million compared to the net profit of HRK 90 million in the first half of 2019. EBITDA excluding non-recurring items amounts to HRK 304 million, which is a significant increase compared to the first half of 2019 resulting from stable production and sales, as well as low natural gas prices.
The COVID-19 pandemic had no negative impact on the demand for mineral fertilizers in the first half of the year, due to the expected inelasticity of food consumption and agricultural production. The manufacture of mineral fertilizers in Petrokemija Plc was stable, while logistics operated with minor disruptions in supply chains caused by the COVID-19 crisis. The significantly lower price of natural gas, as well as the efficiency measures implemented in previous periods, has had a positive impact on the company's operations.
The company's management is continuously monitoring the development of the situation regarding COVID-19 and is implementing all relevant recommendations of the Croatian National Institute of Public Health in order to preserve the health and safety of the employees. The effects of the pandemic on the company’s business operations are being assessed continuously. The current state and structure of the Company's assets and liabilities, as well as the current level of process organization and adjustment to business activities in conditions of crisis, indicate Petrokemija's ability to face numerous challenges in the upcoming period.