THE AGROKOR GROUP GENERATES RECORD RESULTS IN 2001
Apr 25, 2002
With revenues amounting to Kn 4.75 billion Agrokor is among the biggest Croatian companies. Confirming the strength of its brands under the conditions of an increased opening of the market, Agrokor has successfully maintained and additionally strenghtened its already high market shares. The Group has also recorded strong growth on the market of Bosnia and Herzegovina and achieved good results on all other regional markets. For the Agrokor Group the year 2001 was one of the most successful business years, revenues having grown by record-breaking 34 per cent. With consolidated revenues in the amount of Kn 4.75 billion Agrokor ranks among the biggest Croatian companies. Operating profits increased by 19 per cent compared to the previous year and amount to Kn 168 million, while the Group's net income amount to Kn 98.4 million. All Agrokor Group companies achieved the results planned. Despite the significant opening of the Croatian market and the increased presence of foreign competition, the food companies Jamnica, Ledo and Zvijezda were able to confirm the strength of their brands and not only maintained, but increased their market shares. Ledo's share on the ice-cream market thus amounts to 74 per cent, Zvijezda's in margarines to 85 per cent and Jamnica's in mineral waters to 82 per cent. Appreciable results were also achieved in retail. Expanding its business to almost all Croatian regions (except for Slavonia and the very south of Dalmatia) Konzum was able to increase its market share to 20 per cent and maintain its leading position despite the intense market competition with leading foreign retail chains. A considerable contribution to the success of the Agrokor Group in 2001 came from the capital investments made in the preceding years. With Kn 1.8 billion invested in the development and modernization of its businesses in the past seven years, Agrokor is one of the strongest investors in the Croatian economy. Agrokor continued this investment cycle with further Kn 370m last year. Agrokor is also the strongest Croatian investor in Bosnia and Herzegovina, where Jamnica, Ledo and Zvijezda have taken leading market positions as well. In only 2 years Ledo Čitluk took a 75 per cent share of the BH market, and Jamnica captured 50 per cent with Sarajevski Kiseljak. The Group's key strategic thrusts for the period to come shall keep focused on the development of those business where it can maintain or take a leading position, the expansion of its brand portfolio and the growth of their market shares, the continuous increase of exports and the strengthening of its overall position throughout the region with a view to becoming the leading regional company.