Croatia's AD Plastik narrows net loss in 2023

"The unaudited business results of AD Plastik Group for 2023 confirm progress and the much-desired recovery of the market," CEO Marinko Dosen said in a filing to the Zagreb bourse.

In 2023, the operating revenue of the group increased by 17.3% compared to the previous year, reaching 129.2 million euro. Sales revenue went up 14% to 123.4 million euro.

Revenue in the markets of the European Union and Serbia rose by 20.5% and its share in the group's total revenue increased as planned, reaching 88.3%.

Operating expenses rose 2.89% to 131.7 million euro.

EBITDA reached 7.72 million euro last year, a significant increase compared to 580,000 euro achieved in 2022.

Parent company AD Plastik d.d. swung to a net profit of 1.2 million euro in 2023, from a net loss of 13.7 million euro in 2022. The group consists of AD Plastik d.d. and its subsidiaries in Hungary, Serbia, Slovenia and Russia.

The group has two factories in Russia, which were significantly impacted in 2022 by the Kremlin's war in Ukraine, AD Plastic said earlier.

The shares of AD Plastik d.d. traded 1.89% lower at 13 euro by 1413 local time on Monday on the Zagreb bourse.

($ = 0.922 euro)