Agro news

Business results reported in the first three quarters

The Supervisory Board of Petrokemija Plc reviewed the business results in the first three quarters of 2021. In the first nine months, the company generated a net profit of HRK 19 million, compared to HRK 315 million of net profit generated in the same period last year. This result was significantly affected by increased prices of natural gas and CO2 emission allowances, including the reduced market demand. The negative effects were partially mitigated by higher selling prices of mineral fertilizers and the implemented optimisation measures.

Comparing the results without non-recurring items, net profit for the period January - September 2021 amounts to HRK 71 million, as opposed to HRK 320 million of net profit in the same period in 2020. “Non-recurring items had a significant impact, HRK 52 million in this year and HRK 5 million in the first nine months of 2020. The negative effect of the value adjustment of liabilities for CO2 emission allowances in the period January - September 2021 was a result of a significant increase in the price of CO2 emission allowances,” said Davor Žmegač, the President of the Management Board. He pointed out that capital investments in the period January - September 2021 amount to HRK 91 million, which is an increase by 217 percent compared to the same period last year.

The management has continued to closely monitor the development of the Covid-19 situation and implemented all relevant recommendations from the Croatian National Institute of Public Health in order to preserve the health and safety of employees in Petrokemija. It has also been continuously working to assess the effects of the pandemic on the Company's operations.

 

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