Adris Group Retains Employees as Managers Cut Own Salaries

Lauren Simmonds

As Poslovni Dnevnik writes on the 6th of April, 2020, in addition to the donation of three million kuna by the Adris Foundation for the procurement of respirators for hospitals in Rijeka and Pula, the Adris Group’s administration has decided to donate two million kuna for the restoration of cultural monuments damaged in the recent earthquake in Zagreb.

In order to overcome the gravity of the situation caused by the ongoing coronavirus pandemic, the Adris Group’s management, with the consent of its supervisory board, has made a number of decisions that will affect the operations of their affiliates, primarily their liquidity and profitability, and the long-term sustainability of the company in these unprecedented new circumstances.

Regardless of the current circumstances here in Croatia and across the world as the coronavirus pandemic continues to hold the economy in its firm grip, the Adris Group’s management board decided that there would be no layoffs within that company. The Afris Group will realise already contracted and ongoing investments, and they will continue to prepare for planned projects.

Aware of the circumstances and the unknown situation we’re all in when it comes to the potential duration of the coronavirus crisis – and despite the exceptionally good business results it achieved in 2019,  the company’s management have agreed to cut their salaries by 30 percent over the next three + three months.

It has been recalled that, according to unaudited consolidated reports for the fourth quarter of 2019, the Adris Group generated a total revenue of 6.1 billion kuna in 2019, marking an increase of five percent. Revenue from the sale of goods and services amounted to a massive 5.4 billion kuna and is seven percent higher than it was back in 2018. Revenues from foreign markets increased by five percent to 1.59 billion kuna. Net profit amounted to 506 million kuna, marking an increase of 13.4 percent. Net profit after minority interests amounted to an impressive 402 million kuna and is 31 percent higher than it was last year.

Make sure to follow our dedicated section for information on coronavirus in Croatia.


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