Croatia-based food group Atlantic Grupa has reported an increase in core earnings as its sports and functional food business boosted sales.
The company, which operates across Europe, booked a 13% gain in EBIT to HRK375.9m (US$67.7m).
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Net profit after minorities amounted to HRK193.3m, compared to HRK71.2m last year, thanks to lower interest costs.
Sales were up 2.6% at HRK3.73bn, boosted by a near-14% increase in sports and functional food. Atlantic Grupa said the “most significant growth” for the division was seen in Germany, Spain and Russia.
Last month, Atlantic Grupa announced plans to build a plant to produce energy bars as part of a goal to be the “leading manufacturer of functional bars in Europe”.
Coffee is Atlantic Grupa’s largest product category, accounting for a fifth of sales.
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By GlobalDataGeographically, Atlantic Grupa said sales in Russia and the CIS countries were up 25.4%. At present, these markets account for 5% of Atlantic Grupa’s turnover.
It said sales in key European markets outside the Balkans – Germany, the UK, Italy, Switzerland, Austria, Sweden and Spain – were up 4.2%. These markers generate 12% of the company’s turnover. Its largest individual market is Croatia, accounting for 25% of revenue.
