How Did Agrokor’s Companies Perform on the Stock Exchange?

Among the companies within the Agrokor group whose shares are listed on the Zagreb Stock Exchange, Jamnica, Ledo, and Zvijezda reported profits in the first nine months of this year, while Tisak, Belje, PIK Vinkovci, and Vupik ended the same period with losses.

Jamnica, Ledo, and Zvijezda with Profits

According to data from the consolidated nine-month report, the Jamnica Group achieved a net profit of 306.1 million kuna, which is 23 percent higher than in the same period last year. The total revenues of the Group in the first nine months of this year amounted to 2.33 billion kuna, representing a 4 percent increase compared to the same period last year, while total expenses slightly increased by 1 percent, amounting to just under two billion kuna (1.996 billion kuna). Thus, the profit before tax amounted to 338 million kuna, which was 60.9 million kuna higher than in the first nine months of last year. The Jamnica Group, in addition to the parent company, includes the subsidiaries Mladina (Jastrebarsko) and Roto dinamic (Zagreb), two companies in BiH – Sarajevski kiseljak (Kiseljak) and Agrokor Zagreb (Grude), as well as companies in Hungary (Fonyodi Asvanyviz), Slovenia (Jamnica mineral water), and Serbia (Jamnica).

The Ledo Group achieved a consolidated net profit of 336.36 million kuna in the first nine months of this year, which is 11 percent higher than the profit from the same period last year. The Ledo Group, which includes the parent company and Ledo’s companies in Serbia (Frikom and Agkor), BiH, Montenegro, Hungary, Slovenia, Macedonia (Frikom Belgrade), Kosovo, and in Daruvar (Irida), generated sales revenues of 1.97 billion kuna, which is 0.8 percent higher than last year, and Ledo emphasizes that revenue growth was achieved in both production segments – ice creams and frozen foods. Total consolidated revenues, on the other hand, grew by 0.2 percent to 2.02 billion kuna, while total expenses decreased by almost 2 percent to 1.65 billion kuna.

With a net profit of 15.4 million kuna or 15 percent higher than last year, Zvijezda concluded the nine-month period. At the group level, which includes the Zagreb oil factory as well as the companies Sojara from Zadar and branches in Sarajevo and Ljubljana, total revenues amounted to 667 million kuna – 1.8 percent lower than last year, while total consolidated expenses fell by 2.2 percent to 651.6 million kuna. Sales revenues at the Zvijezda group level fell by 1.7 percent to 651.8 million kuna. Among the significant events from the first nine months of this year, Zvijezda highlights the fact that nearly 40 million kuna was invested, primarily in equipment for the food industry, according to the report.

Tisak, Belje, PIK Vinkovci, and Vupik with Losses

Tisak, or rather its four companies (Tisak d.d. and Tisak-usluge, Backstage, and e-Kolektor from Zagreb) operated at a loss, which for the first nine months of this year amounts to just under 7.5 million kuna. Compared to the same period last year, Tisak’s loss increased by almost 34 percent. Tisak’s nine-month report shows that during this period both total revenues and expenses grew by 1.2 percent, with revenues at 2.19 billion kuna and expenses at 2.2 billion kuna. Tisak’s business revenues during this period increased by 1.12 percent to 2.17 billion kuna, while sales revenues increased by 1 percent to 2.16 billion kuna.

Belje, on the other hand, reported a loss of 38.4 million kuna in the first nine months of this year at the group level, which also includes the companies Moslavka Kutina and Belje Agro-vet. Compared to the same period last year, this loss was reduced by more than 31 percent, or more than 17 million kuna. Total consolidated revenues during the observed period amounted to 1.18 billion kuna, which is 1.2 percent lower than the previous year, while total expenses were simultaneously reduced by more than 2.5 percent to 1.22 billion kuna. Belje emphasizes that its operations are influenced by the financial crisis, which still significantly determines the business conditions in Croatia and neighboring countries.

The consolidated report for PIK Vinkovci, which relates to the parent company and the company Eko biograd from Vinkovci, shows that this Agrokor member also operated at a loss in the first nine months, amounting to 3.8 million kuna, but this is significantly lower than the 12.8 million kuna loss from the same period last year. Total revenues, which at the end of September this year amounted to 381.8 million kuna, increased by almost 19 percent compared to last year, along with a simultaneous increase in total expenses by 15.6 percent to 385.6 million kuna. PIK Vinkovci highlights that in the first nine months of this year, 10.42 million kuna of revenue was generated from exports, which is on an upward trend.

Conversely, Vupik from Vukovar operated with a larger loss than last year. The loss increased by 58.2 percent or about two million kuna, from 3.4 million kuna in the nine months of last year to 5.4 million kuna in the nine months of this year. Vupik achieved total revenues of 315.2 million kuna in the first nine months, which is 1.65 percent less than in the same period last year, while total expenses simultaneously decreased by 1.02 percent to 320.5 million kuna. Sales revenues increased year-on-year by 1.64 percent to 267.4 million kuna, resulting from the sale of agricultural and livestock products. Business expenses also increased by 1.56 percent to 298.4 million kuna. This year, investments in production continued, primarily in livestock, crop, and vegetable production, aimed at increasing production capacities and improving and maintaining the efficiency of existing productions, and an investment in a manure applicator was also made, Vupik notes.