Agro news

Profit of HRK 315 million reported in the first three quarters

Petrokemija Plc has published today its business results for the first three quarters of 2020. In the first nine months, the company generated a net profit of HRK 315 million, compared to HRK 124 million of net profit generated in the same period last year. Comparing the results without non-recurring items, net profit for the period January – September 2020 amounts to HRK 320 million, as opposed to HRK 178 million of net profit in the period January – September 2019. Non-recurring items point to a negative effect of the value adjustment of liabilities for CO2 emission allowances, as well as to the amount provided for severance pays of HRK one million in the first nine months of 2020.

In the first three quarters 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 high volume of production and sales in the period concerned. Compared to 2019, sales volume increased by 4 percent on the domestic market and decreased by 4 percent on the export market.

The significantly lower price of natural gas and the efficiency measures implemented in the previous period had a positive effect on the operation of Petrokemija Plc in the first three quarters of 2020. The management is continuously monitoring the development of the situation regarding Covid-19 and implementing all recommendations offered by the Croatian National Institute of Public Health in order to preserve the health and safety of its employees. In addition, the effects of the pandemic on the company’s business operations are being assessed continuously.



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