August 26 (SeeNews) - Croatia's largest privately-owned group Fortenova, the successor to the collapsed food-to-retail concern Agrokor, said on Friday its net profit after exclusion of currency exchange impacts amounted to 12 million kuna ($1.6 million/1.6 million euro) in the first half of this year, compared to a loss of 213 million kuna recorded in the same period of 2021.
In the first half of 2022 Fortenova Group generated 18.8 billion kuna of total revenue from continuing operations, 57% more than in the same period last year mainly driven by the integration of Slovenian retailer Mercator, it said in a press release.
On a like for like basis, excluding the effect of the integration of Mercator, the revenue grew by 14%.
In April, Fortenova become the sole owner of retailer Mercator, the leading grocery retailer in Slovenia, with significant market shares in Serbia and Montenegro.
Fortenova's supermarket chain Konzum is the leading grocery retail chain in Croatia, whilst Konzum and Mercator have a significant combined market share in Bosnia and Herzegovina.
Group’s consolidated EBITDA for the first six months of this year exceeded 1.0 billion kuna, which is 74% more than in the same period last year, while on a like-for-like basis the adjusted consolidated EBITDA grew by 19%.
The fastest growth of revenue was recorded by the companies from Fortenova Group’s food division, while the agriculture division saw the fastest growth of EBITDA.
“Looking further forward the expected changeover to the euro will have an additional long-term positive impact on the group’s credit profile, as after the conversion 80% of our business will be generated in euro. Additionally, the currency risk for our debt will be eliminated,”Fortenova group’s CEO Fabris Perusko said in the statement.
Croatia will join the eurozone as of the beginning of next year as its 20th member.
(1 euro = 7.513 Croatian kuna)