Croatia's Atlantic Grupa net profit up 20% y/y in 2023

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13.3% on the year to 86.6 million euro, Atlantic Grupa said in a press release.

Sales rose 15.1% of 973.9 million euro.

“In a still unstable and challenging environment, Atlantic Grupa achieved strong sales growth in all business segments and in all major markets," CEO Emil Tedeschi said. Higher sales enabled strong growth in profitability, despite the still high costs of raw materials and packaging materials, logistics and other services, as well as significant investment in employees, he added.

Operating costs rose 14.7% on the year to 942.4 million euro in 2023.

The snacks manufacturing unit marked the most significant sales growth, of 26.3%, followed by the beverages unit at 18.6%.

Own brands accounted for 62% of total sales, the pharmacy business for 9.0%, and principal brands for 29% of sales. With a share of 20.5% in total sales, or 199.9 million euro, coffee stands out as the largest individual category.

Shares of Atlantic Grupa traded 0.88% lower at 56.50 euro on Tuesday morning on the Zagreb bourse by 10:00 a.m. local time.

($ = 0.938 euro)