In Q1 2022, Kraš recorded an increase in sales of 6.6% YoY, an increase in EBITDA of 25.5%, and an increase in net profit of 75.4% YoY.
In Q1 2022, Kraš recorded an increase in sales of 6.6% YoY, amounting to HRK 249.6m. On the domestic market, Kraš recorded an increase in sales of 14.7%, amounting to HRK 140.4m. Meanwhile, in the foreign markets, the company reported sales of HRK 109.2m, representing a decrease of 2.2% YoY. The biggest driver of sales growth was in flour products (+14.3% YoY) in each production capacity (Zagreb, Osijek, and Prijedor). Also, solid results were achieved in cocoa products and candy products. Group increased its business activity through both higher volume sales (+6% YoY) and higher prices.
Operating expenses also noted an increase of 6.4% YoY, amounting to HRK 240.8m. The highest impact on operating cost growth was reported in the change in the value of inventories, which reported an increase from HRK -28.6m to -11.8m. Also, staff costs increased by 3.6% YoY, amounting to HRK 61.4m. This growth was partly compensated by a decrease in material cost which amounted to 6.9% or HRK 11.7m. As a result of the above-mentioned, EBITDA increased by 25.5% to HRK 28.5m. Such a result shows an improvement of EBITDA margin by 1.7 p.p. to 11.4%.
Going further down the P&L, operating profit increased by 55%, reaching HRK 14.1m. This puts the EBIT margin at 5.6% (+1.8 p.p. YoY). The slightly higher positive net financial result of HRK 1.5m (compared to HRK 1.3m in Q1 2021) improved the company’s earnings before tax and improved EBIT YoY increase. A better net financial position occurred as the company reported a higher FX gain this year of HRK 2.9m.
In Q1 2022, Kraš recorded an increase in net profit by 75.4%, to HRK 12.9m. An increase in net profit also resulted in a moderately higher profit margin of 5.2% (+2 p.p. YoY).
Kraš Q1 2022 Key Financials [HRK m]