April 25 (SeeNews) - Croatian distributor of fast-moving consumer goods and food products maker Atlantic Grupa d.d. [ZSE:ATGR] said on Thursday its consolidated net profit rose 3.2% on the year to 9.9 million euro ($10.6 million) in the first quarter of 2024, supported by strong growth in sales.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 20.3% on the year to 25.2 million euro, Atlantic Grupa said in a press release
Sales rose 9.8% of 236.6 million euro.
"Excellent sales results at the beginning of the year enabled a strong growth in profitability despite a significant increase in the cocoa and raw coffee prices and logistics challenges that still persist, as well as higher investments in our people and marketing," CEO Emil Tedeschi said.
The beverages unit saw the most significant growth at 16%, followed by an 11.8% increase in the pharmacy business and a 9.4% rise in its coffee division.
Coffee, the largest individual category, accounted for 20.1% of total sales.
In terms of distribution, its unit in North Macedonia leads with 11.6% growth, followed by the Croatian unit with a 10.6% increase and Serbia with a 9.0% rise.
Own brands accounted for 61.9% of Atlantic Grupa’s total sales. The pharmacy business accounted for 9.5%, while principal brands accounted for 28.6% of sales.
Operating costs rose 9.4% on the year to 225.1 million euro in the first three months of 2024.
Shares of Atlantic Grupa traded flat at 55.50 euro on Thursday morning on the Zagreb bourse.
($ = 0.932 euro)