Bingo Outperforms Rivals In Bosnia and Herzegovina
Two of the three leading grocery retailers in Bosnia and Herzegovina posted revenue growth in 2017, with Bingo outperforming its competitors in terms of profit generation.
Tuzla-based Bingo ended 2017 with a 13% increase in total revenues to BAM 1.03 billion (€526.6 million), while operating profit also increased by 8.6% to BAM 89.4 million (€45.7 million), according to local news local portal Capital.ba.
Rival Konzum, owned by Croatian retailer Agrokor, reported a 29% annual drop in revenues, to BAM 521 million (€266.3 million). Operating profit fell by 7% to a negative BAM 41 million (-€20.9 million).
Elsewhere, the annual revenues of Mercator (also part of Agrokor Group) increased 59% on 2016 to BAM 70.6 million (€36 million). Operating profit fell by 4.4% to a negative BAM 3 million (-€1.5 million).
Another study, published by local portal Klix.ba, claims that Bingo was the most profitable company in Bosnia and Herzegovina, and second in terms of revenue generation, after electricity provider Elektroprivreda BiH.
Since the start of the year, Bingo has continued to expand its presence in the local market, by opening new stores and refurbishing existing ones, as well as through mergers and acquisitions.
The retailer operates more than 190 stores across a number of different formats in Bosnia and Herzegovina and opened its latest outlet last week in the city of Šamac (6,000 square metres).
In recent months, Bingo took over RK Invest, the owner of the Pivara Tuzla, which produces beer and soft drinks (mineral waters and carbonated juices), as well as mineral water producer Tuzlanski Kiseljak.
© 2018 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