The Petrol d.d., Ljubljana Supervisory Board recently approved an audited annual report of the Petrol Group and Petrol d.d., Ljubljana, which shows a successful performance last year, resulting in an 11 percent increase in net profit.

The Petrol Group’s net sales increased by 1 percent in 2016, rising to $4.12 billion, resulting in an operating profit of $105.31 million, a 10 percent increase from 2015. The groups earnings before interest, taxes, depreciation and amortization figure grew to $152.01 million, a 6 percent increase on 2015, and net profit hit $76.85 million.

The group’s positive performance comes after a year of shifting market forces, including the variable oil market and US dollar exchange rate. Crude oil prices averaged $43.7 per barrel last year, a 17 percent decrease from 2015.

The Petrol Group’s performance was also affected by economic and regulatory forces in its markets, which saw Slovenia and Croatia’s economic situations improving while other sales markets suffered under difficult conditions. In Slovenia, prices of extra light heating oil and 98-octane and higher-octane petrol, as well as the prices of petrol and diesel fuel at service stations on motorways and expressways, were liberalized in 2016.