Croatian Companies’ Profits Grow By 235%

By , 13 Aug 2017, 14:17 PM Business
Croatian Companies’ Profits Grow By 235% Source: Pixabay

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The ten leading businesses brought in 15 percent of total profits in 2016.

The past business year has been the most profitable one for Croatian entrepreneurs since the beginning of the economic crisis. The Financial Agency (FINA) compared the data from the Register of Annual Financial Statements for 2015 and 2016. In general, businesses have been recovering since 2010, when they last recorded a consolidated loss in the amount of 1.7 billion kunas. Last year, Croatian companies have a record consolidated profit in the amount of 24 billion kunas, reports on 13 August 2017.

The magnitude of the increase in overall profits in the previous year is best illustrated by the fact that the growth rate was 235 percent when compared to 2015. However, it must be noted that the figures for Agrokor's companies have not been included in these statistics since out of 35 its companies only eight submitted their financial statements, so it is likely that these figures will be corrected in the future.

The rankings of the leading Croatian businesses by profits changed somewhat in 2016, mainly due to the fact that in 2015, in addition to good business results, Adris from Rovinj was at the top due to its decision to sell its tobacco factory to British American Tobacco. Therefore, Adris is no longer at the very top of the rankings, where it has been replaced by HEP, with net profits of 1.3 billion kunas. A year earlier, HEP was at the second position.

On the list of biggest profit makers in 2016, HEP ​​is the only one with net profits exceeding one billion kunas. The second place belongs to Croatian Telekom, with a profit of 908.8 million kunas, followed by HEP – Distribution System Operator, with 667.1 million kunas. Among the top rated companies are also Rijeka-Zagreb Motorway, with profits of 589.7 million kunas, Pliva (555 million kunas), HEP Production (428 million kunas), HS Produkt (378 million kunas), Valamar Riviera (337 million kunas), Adriatic Pipeline (291 million kunas) and Croatian Transmission System Operator (272 million kunas).

The top ten companies have brought in 15 percent of total profits in the previous year, which shows that a small number of entrepreneurs still has a significant impact on the economy. FINA’s figures also show that the leading 100 companies achieved 37 percent of total profits in 2016.

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