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Croatian dairy producers generate net profit in past five years

ZAGREB, Aug 16 (Hina) – In the past five years, dairy producers in Croatia increased their revenue and the number of workers and earned consolidated net profits, while Meggle Hrvatska, which recently announced that it was shutting down production in Osijek, saw losses in 2019 and previous years.

An analysis released by the Financial Agency (FINA) shows that in the period from 2015 to 2019 the number of dairy producers increased by 21.1%, from 57 to 69, while the number of workers on their payrolls grew by 2.9% to 3,267 in 2019.

Their total revenue in 2019 was HRK 6.12 billion, an increase of 11.7% compared to 2015, while expenditure grew by 12.4% to HRK 6.04 billion.

Profits dropped by 11.9% to HRK 78 million, while losses dropped by 85.5% from 2015, to HRK 17.6 million.

The consolidated result in 2019 is a net profit of HRK 60.4 million, 77% more than in 2015, when the net profit amounted to HRK 34.1 million.

In the years between 2015 and 2019, profits amounted to HRK 166.4 million in 2016, HRK 77.7 million in 2017, and HRK 109.4 million in 2018.

In the said period, dairy producers earned most of their revenue (87-89%) on the domestic market, while exports accounted for 8-11% of all revenues.

Since imports were higher than exports, the dairy industry saw a negative trade balance in the said period, and it was the most negative in 2015, when the value of imports exceeded the value of exports by HRK 500 million.

The average net wage in the dairy industry in 2019 was HRK 7,117, which is 17.8% more than in 2015 and 22.4% more than the national average in legal entities, which in 2019 amounted to HRK 5,815.

Vindija with highest revenues, Dukat with highest profit

The ten biggest dairy companies in the country last year earned a revenue of slightly less than six billion kuna and 60.4 million in profits.

Vindija from Varazdin, with a market share of 48.88%, in 2019 had the highest total revenue, of HRK 2.99 billion; it is followed by Dukat, with a revenue of HRK 1.86 billion, the Karlovac-based KIM dairy, with a revenue of HRK 374.6 million, and Meggle Hrvatska, with a revenue of 305.6 million and a market share of 4.99%.

As regards profits, Dukat posted the highest profit in 2019, amounting to HRK 28.4 million, while Meggle Hrvatska posted the highest loss, of HRK 12.5 million.

Vindija saw a net profit of HRK 20.25 million and KIM earned a profit of HRK 22 million.

In the period from 2015 to 2019 Meggle operated mostly at a loss, with the exception of 2015, when it earned a profit in the amount of HRK 12.13 million.

Fifth on FINA’s list of top ten dairy producers is Zdenka from Veliki Zdenci, with a revenue of HRK 156.3 million in 2019, followed by Novi Domil (HRK 131.7 million), Veronika from Desinic (HRK 77.7 million), Euro-Milk from Beloslavec (HRK 36.8 million), Gligora from Pag Island (HRK 34.7 million) and the Zagreb-based Sinj Dairy (HRK 31.8 million).

(€1 = HRK 7.498946)

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