PEVEX Achieved Record Profit Last Year: Total Revenues Increased by 80.94 Percent

Pevex, the first Croatian retail chain, has announced its business results for the previous year, 2019. Compared to 2015, the final year of operations under the previous management, total revenues increased by as much as 80.94 percent, while net profit rose by nearly 570 percent.

In addition, during the mentioned period, the company acquired ownership of ten existing sales centers, opened six new sales centers, and employed more than 800 new employees.

– I am extremely happy and satisfied when I look at our company’s performance over the last four years. Besides the extraordinary financial results, I am particularly proud of our nearly 2,000 employees without whom we could not break records. They are our driving force, and therefore we continuously work on their satisfaction and productivity, as evidenced by the fact that we have increased average net earnings by over 42% in the past four years, and our goal is to raise them to 7,500 kuna over the next two years –  said Jurica Lovrinčević, CEO of Pevex.

The company’s total revenues exceeded 2 billion kuna, amounting to  2,137,541,428 kuna, while net profit rose to 160,719,146 kuna in the previous year, 2019, which is about 21 million kuna higher than in 2018.

Also, at yesterday’s General Assembly, shareholders accepted the proposal of the Supervisory Board and Management to retain the net profit generated by last year’s operations to mitigate the effects caused by the coronavirus pandemic. At the General Assembly, shareholders made a decision to change the company’s name from Pevec d.d. to PEVEX d.d. so that the company’s identity would also be linked to the already protected trademark PEVEX. 

In addition to the new sales center in Vinkovci, construction of which has already begun and is expected to open in early September, this year also plans to relocate the sales center in Slavonski Brod to the space that Pevex purchased in September 2019.

Pevex, the first Croatian retail chain, has been operating since 1990, and after earlier challenges, it has managed to achieve remarkable stability and recognition in the past four years, obtaining an AAA credit rating certificate, thus placing itself among the top Croatian entrepreneurs, and stands out in the non-food product market for its wide range of products and excellent price-quality ratio.

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