Croatia-based food producer and distributor Atlantic Grupa recorded sales of HRK 2.57 billion (€348.1 million) in the first half of 2019, reporting 3.5% growth year-on-year.
EBIT increased 11.3% to HRK 275.8 million (€37.4 million), while net profit grew 13.9%, to HRK 213.5 million (€28.9 million).
The positive performance was mostly due to the performance of savoury spread Argeta, but also beverage brands such as Cedevita, Cockta, and Donat Mg, the company said.
The highest growth was registered by the Savoury Spreads (+9.7%) and Beverages (+3.5%) business units, it added. The group's Coffee arm reported the highest sales in the period, of HRK 532.7 million (€72.1 million), and accounts for a 20.7% share of total revenues.
At the end of March, Atlantic Grupa opened a new logistics-distribution centre near Velika Gorica that will ensure logistics support for the long-term development of distribution operations, the company said.
It has invested €20 million in the project and, during the first phase, a warehousing capacity of 30,000 pallets was secured with the option to expand modularly in accordance with business needs.
A newly-opened modern laboratory for research and development at Štark is expected to contribute to new product development at the business.
The company's strategic business unit for Sports and Functional Food unit was divested at the beginning of April, as part of a process of reducing non-core business operations.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine