Croatia’s Agrokor posts €196.8mn operating profit for 8M18 as turnaround continues

Croatia’s Agrokor posts €196.8mn operating profit for 8M18 as turnaround continues
By bne IntelliNews October 11, 2018

Croatian food and retail group Agrokor announced on October 11 it achieved an operating profit of HRK1.46bn (€196.8mn) in the first eight months of the year, HRK25.5mn more than planned.

The company, which employs around 60,000 people in Croatia and the region, almost collapsed last year due to a debt crisis. In July, the creditors approved a debt-for-equity settlement deal, with the biggest shareholder in the new Agrokor being Russia’s Sberbank with a 39.2% stake.

“The major part of the increased operating profit realization over the course of the very successful tourist season was accounted for by the results of the retail and wholesale sector, primarily Konzum, and the results of the food sector,” Agrokor said in a statement.

The food sector generated an operating profit of HRK1.04bn, exceeding the plan by HRK54.7mn. This came on the back of restructuring measures and focus on more profitable product categories.

The company generated a total of HRK16.07 in revenue in the first eight months of the year.

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