The Modrica oil refinery in Croatia has reported a net loss of approximately 2.49 million euros for the last financial year, marking a substantial increase in its deficit by about 1.19 million euros, or roughly 90%, compared to the previous year. This downturn has resulted in accumulated losses nearing 60.45 million euros, raising concerns about the refinery’s financial sustainability.
Operating revenue for the refinery totaled around 5.2 million euros, reflecting a slight decline from the prior year. In contrast, overall expenditures surged from approximately 6.85 million euros to 7.88 million euros, primarily driven by increased depreciation charges and provisions that significantly impacted the bottom line.
Despite rising overall expenses, payroll costs have decreased, with spending on salaries falling from about 3.12 million euros to approximately 2.86 million euros. This reduction is indicative of a continued contraction in the workforce; as of the end of 2025, the refinery employed roughly 170 workers, the lowest headcount since its inception. This figure represents a reduction by half compared to 2019 and about one-third relative to 2013.
The latest financial results underscore persistent structural and financial challenges faced by the Modrica oil refinery. The combination of shrinking operations and escalating fixed costs continues to exacerbate the company’s losses, raising questions about its operational viability in an increasingly competitive energy market.
