Retail and food giant Fortenova Group reported a net profit in 2021 totaling 523 million kuna (€70 million), posting a profit for the first time since the company formerly known as Agrokor was taken over by state-appointed emergency administration in April 2017.

The total consolidated revenue of what is still the largest Croatian retail and food company in 2021 was 31.4 billion kuna, and its earnings before taxes 1.95 billion kuna. The net profit was 523 million kuna. The group reportedly ended the year with 1.87 billion kuna in cash in its account. Fortenova’s income from “continuing operations” jumped 65 percent from 2020, while the adjusted consolidated earnings before taxes grew by 52 percent compared to 2020.

“This was mostly because since May 2021 the group’s financial results have included figures for the Mercator retail chain,” state agency Hina said.

Fortenova Group was established in April 2019 after two years of state administration as the company – the largest private-owned company in Croatia at the time – approached bankruptcy.

The new Fortenova Group was formed following a debt-for-equity settlement negotiated with Agrokor’s creditors. The largest share was held by of Russian state-owned banks Sberbank (39.2 percent) and VTB (7.5 percent), with bondholders holding 25 percent in the venture.

The group has more than 50,000 employees and operates in three core activities: agriculture, retail and food, as well as non-core operations.

(€1 = 7.52 kuna)