ZAGREB, 29 April (2022) - The Podravka Group generated a net profit of HRK 88.8 million in the first quarter of 2022, a decrease of 15.6% over the same period in 2021, the Koprivnica-based food company said in a financial statement on Friday, noting that the direct cause of the decreased profit was the Ukraine crisis.

EBITDA (earnings before interest, tax, depreciation and amortisation) was 7.7% lower while net profit was 15.6% lower than in 2021, which is a direct result of the Ukraine crisis, Podravka said in a press release.

Sales revenue amounted to HRK 1.18 billion, or 8.6% more compared to the same period last year.

The stronger revenue was generated by the food segment (+10.8%), while the pharmaceutical segment registered a growth of 0.6%.

Podravka generated a loss of 6.5% on the Russian and Ukrainian markets in 2021.

The company is continuing with its optimisation of costs and increasing efficiency to buffer the impact of increased input costs.

Podravka further reported that as of 1 March wages had increased by an average of 11% and the company would invest a further HRK 35 million this year to increase wages.

(€1 = HRK 7.557837)

For more, check out our business section.