May the 4th, 2023 - The Croatian company Koncar can boast of an enormous 1.2 billion euros in open orders, with the first quarter of 2023 looking very good for them indeed.
As Darko Bicak/Poslovni Dnevnik writes, during the first three months of 2023, the Croatian company Koncar (Koncar Group) achieved very impressive consolidated sales revenues in the amount of 171.5 million euros, which is 54.2 million euros or 46.2% more in comparison to the same period last year. In the total revenue the company earned from sales, the share of exports increased, amounting to 64% in the first quarter alone.
In relation to the comparative period from last year, revenues from the sale of the Croatian company Koncar's products and services in terms of exports increased across all markets in which they operate, and a particularly significant increase in revenues was recorded in the European Union's (EU) single market, where exports increased by 30.8 million euros. Exports to the EU amounted to 79.9 million euros, repesenting 73.2% of the company's total exports.
At the same time, the business segment of electricity transmission and distribution achieved particularly good results, thanks to the high demand for transformers due to the increasing momentum of the green transition. In addition to contracting on the EU market, which 159.9 million euros higher than back during the first quarter of 2022, contracting on all of the other markets on which the company is present has also increased.
Newly contracted deals in the first quarter of 2023 were concluded in the amount of 404.7 million euros and are more than double the amount of contracted deals in the same period last year.
According to Gordan Kolak, the president of the Koncar Management Board, open orders, the backlog, which reached a record amount of 1.2 billion euros and have increased by 233.1 million euros compared to the end of 2022, stand out in particular and represent the basis for growth.
Despite the growth in profits, the energy crisis and ongoing geopolitical turmoil as a result of the Russian invasion of Ukraine had a strong impact on profitability, and EBITDA was reduced by 15.2%, while operating profit was realised in the amount of 10.7 million euros and was lower by 4.3 million euros.
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