Croatian food group Podravka has released its figures for the second quarter of 2024, announcing a strategic acquisition that will significantly strengthen its position in the food and beverage industry.
Podravka's quarterly report shows a significant increase in sales, driven by both domestic and international growth. Total sales increased by twelve percent, mainly due to increased demand for their core products, such as soups, sauces and spice mixes.
The company's net profit rose 15 percent, which analysts say reflects efficient cost control and improved operating margins. The company has recently invested in new product lines and marketing campaigns, which have helped it gain market share in both existing and new markets.
In addition, Podravka has entered into an agreement to acquire the agricultural division of Croatian Fortenova Group. The deal, valued at EUR 333 million, includes the purchase of various agricultural assets, including Croatian farms and food processors. This acquisition is expected to strengthen Podravka’s supply chain and ensure access to high-quality raw materials.
The acquisition of Fortenova's agricultural division fits into Podravka's long-term strategy to gain more control over the entire production chain, from raw material to finished product. This provides Podravka with a basis to expand its product range and enter new markets.
According to stock market analysts, Podravka has laid a solid foundation for future growth with its strong financial results and strategic acquisition plans. The increase in turnover and profit shows that the company is well positioned to take advantage of market opportunities.