Croatia's Koncar plans 10% increase in 2021 operating income

The value of contracts concluded as at the end of 2020 is 4.4 billion kuna, significantly higher compared to the start of the year, Koncar said in a statement last week.

"Although the uncertainty regarding further development and consequences of the pandemic remains great, the 2021 business plan predicts further business growth and improvement of operational efficiency. The substantial number of contracts concluded, ensured liquidity and a stable balance sheet enable further growth and development of the Group in the next business year," the company said.

Koncar targets 1.4 billion kuna in domestic sales revenue next year, up 23% compared to 2020, thanks to a planned train delivery to state-owned passenger railway company HZ Putnicki Prijevoz (HZPP).

The group also expects its export revenue to increase to 1.9 billion kuna in 2021. Planned major export destinations include Germany, Sweden, Austria, Latvia, Hungary, North Macedonia and the United Arab Emirates.

Koncar's shares closed 1.72% higher at 590 kuna on the Zagreb bourse on Monday. They did not trade at opening on Tuesday.

(1 euro = 7.53705 kuna)