Croatia’s INA Oil Company Expands Retail to Montenegro

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Croatia’s energy group INA, whose biggest shareholders are Hungary’s MOL with just below 50 percent and the Croatian government with an almost 45 percent stake, has expanded its retail network in Montenegro by acquiring five new locations from petrol station chain Pavgord.

The locations include the capital Podgorica and the Adriatic city of Kotor.

INA will now operate 11 petrol stations in Montenegro, increasing its market share to 15 percent from just one percent in 2017.

The company says its medium-term goal is to become a major player in the Montenegro market.

The INA oil and gas company generated a net profit of 1.18 billion kuna in 2018, down 3.7% from 2017, its financial statement showed.

Total revenue increased by 19.5% to 23.35 billion kuna, while expenditure reached 21.83 billion kuna, up 21.5% on the year.

EBITDA rose by 3.0% to 3.49 billion kuna and net sales revenue increased by 20% to 22.35 billion kuna. Capital expenditure amounted to 1.82 billion kuna, an increase of 30% on the year.

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