In the first six month of 2022, the major food and retail group Atlantic Grupa registered an 11 percent increase in revenues year-on-year. However, the reported profits dropped by 23 percent in the same period.

The group’s sales revenues went up 11% to 2.99 billion kuna (€400 million) year-on-year.

“Under the influence of significant price increases in the overall spectrum of business activities, earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 13.6 percent compared to the first half of 2021 to total 334.8 million kuna (€44.6 million), while net profits dropped by 23.1 percent to 167.4 million kuna (€22.3 million),” the company said in a press release.

By market, are led by Bosnia and Herzegovina with a 16.2 percent growth, Serbia with a 14.9 percent growth, and Croatia with an 11.8 percent growth.

“Encouraged by the excellent distribution work, the distribution portfolio was also expanded, through cooperation with the new principal Intersnack (Chio) in Serbia, and the expansion of successful cooperation with Red Bull in Serbia to North Macedonia. Overall, sales of principal brands in the first half grew by 10 percent,” the company said.

“In the first half of 2022, Atlantic Grupa continues to record a significant revenue growth, despite all the challenges we face,” CEO Emil Tedeschi was quoted as saying.

(€1 = 7.51 kuna)