ZAGREB, April 24 (Hina) - During last year the Agrokor concern invested more than DM100 million into growth programmes and employed 1,000 workers. The total revenue of all sections of the concern amounted to 4.75 billion kuna, with a
net profit of 98.4 million kuna. This places Agrokor among the largest companies in Croatia, the concern's chairman of the board, Ivica Todoric, said on Wednesday.
ZAGREB, April 24 (Hina) - During last year the Agrokor concern
invested more than DM100 million into growth programmes and
employed 1,000 workers. The total revenue of all sections of the
concern amounted to 4.75 billion kuna, with a net profit of 98.4
million kuna. This places Agrokor among the largest companies in
Croatia, the concern's chairman of the board, Ivica Todoric, said
on Wednesday. #L#
All companies in the concern have realised their business plans.
Despite the opening up of the Croatian market to foreign products
and the huge foreign competition, all companies in the food sector -
including Jamnica mineral water, Ledo ice-cream, and Zvijezda oil -
have increased their market shares. For example, Ledo's market
share is 74 percent, Zvijezda's 58 percent, while Jamnica has a 82
percent market share, which makes it the leader among mineral water
producers, he said.
Significant results were achieved in retail sales as well, said
Todoric. Konzum supermarkets expanded their business to virtually
all parts of the country and increased their market share by 20
percent. Todoric explained that the success in Agrokor's business
in 2001 was enhanced with significant investments in previous
years. By investing 1.8 billion kuna in development and
modernisation in the previous seven years, the concern has become
one of the largest investors in Croatia.
Last year, Agrokor's investments reached 370 million kuna, which is
an increase of 37 percent in relation to the year before.
Agrokor, its representatives say, is the largest Croatian investor
in neighbouring Bosnia-Herzegovina, where Ledo, Jamnica and
Zvijezda have become market leaders.
At the beginning of the year, Agrokor released its first corporate
bonds on the Luxembourg Stock Market with a value of EUR130 million.
The funds collected were used to repay an earlier syndicated loan
granted by a concern of banks headed by the EBRD.
Agrokor's strategic direction, Todoric said, is to continue
developing those activities in which it can maintain its leading
role, to expand its product lines and increase its market shares in
the food and retail sector, as well as to increase imports and
strengthen its position in the region, thus becoming a leading
regional company. The company is planning a revenue growth of 22
percent and an increase in profits of 70 percent.
Agrokor wishes to be present in the region and its primary interests
lie in Slovenia, Hungary, Austria and Serbia, Todoric said.
He believes that in the near future, the regional producers of
certain products, such as oil and ice-cream, will merge.
Asked about the chances for the concern to buy a 51 percent share in
Croatia Insurance, Todoric answered that insurance was a good and
profitable business. He believes that of the five companies short-
listed to purchase the insurance company, his concern would be
chosen as the best bidder.
(1 EUR = 7.37 kuna)
(hina) sp sb