The Zagrebacki Holding multi-utility public conglomerate ended the first six months of 2018 with a 55.8 million kuna (€7.5 million) profit before taxes, or down 46 percent year-on-year, its consolidated financial statement posted on the Zagreb Stock Exchange (ZSE) on Monday showed.

The group, which controls a number of public utilities in Croatia’s capital Zagreb, posted overall revenues in H1 2018 totalling 1.9 billion kuna (€256 million), or 2 percent down from the first six months of 2017. The bulk of the compoany’s income was from sales, which amounted to 1.66 billion (€224 million), up 1.5 percent year-on-year.

The largest year-on-year drops were in income from sales and distribution of natural gas, as well as road maintenance and management, while the largest increases of income were in drug sales, building management, water distribution, garbage collection, and renting of telecommunication lines.

Total expenses amounted to 1.85 billion kuna (€249 million), 1 percent down from H1 2017. This includes cost of salaries, which increased 6.5 percent to 464.8 million kuna (€63 million). At the end of H1 2018, the company had a total of 7,499 employees.

In H1 2018, the group had spent 180 million kuna (€24 million) on new investments, in addition to 61 million kuna (€8.2 million) for building public facilities in Croatia’s capital. The biggest portion of investments went to building of the water and gas supply networks.

Business activities of the Zagrebacki Holding company are grouped into four business activities: public utilities; energy services; transport services; and market services.

(€1 = 7.42 kuna)

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