Despite Agrokor’s many woes, things appear to be on the up owing to the extraordinary administration under government appointed commissioner, Fabris Peruško. Peruško has managed to dig the former biggest privately owned company in Croatia out of a very deep and very dark hole, and removed its threat to the domestic economy. Expectations are for Agrokor to finally return to normality next year.
As Marina Sunjerga/VL/Poslovni Dnevnik writes on the 2nd of November, 2018, the company’s consolidated report shows that Ledo enjoyed 100 million kuna higher revenue than in it did during the same period last year.
Agrokor’s biggest companies appear to have had a good nine months, as the consolidated results show significant increases in the profitability of Agrokor’s Jamnica, Ledo and Zvijezda, and a jump in the profits of thecompany’s most prominent partners, including Atlantic Grupa, Kraš and the legendary Podravka. Of course, while this is obviously positive news, Agrokor’s results should be taken with a dose of reserve as well as satisfaction, as they’re still very much under the protection of insolvency proceedings, meaning that loans and debts aren’t being paid for.
The great news however, is that Jamnica and Ledo, who both operate under the Agrokor Group’s umbrella, earned a massive four billion kuna in revenue at the end of the main tourist season, which is typically the period in which the aforementioned companies make the best money.
Jamnica earned a but more than two billion kuna in revenue, which means that sales, at least in comparison to last year, fell pretty sharply.
The company explained that its revenue was affected by the abandonment of part of its less profitable assortment as a result of a strategic decision to optimise the company’s sales portfolio. The consolidated report shows a net profit of nearly 250 million kuna, which is 16 million kuna higher than last year’s recorded result, but based on a decline in value-based expense. Ledo on the other hand, enjoyed somewhat better results, and the company’s revenues and net profits have also grown significantly.
The aforementioned consolidated report shows that Ledo enjoyed 100 million kuna more revenue than it did during the same period last year, and earned 379 million kuna, which is a massive 75 million more than last year.
A net profit jump of an entire 25 percent is unarguably very positive news for the company’s future.
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Click here for the original article by Marina Sunjerga/VL on Poslovni Dnevnik
