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Saturday, 11.05.2024, 05:22
Elko Grupa reports EUR 12.3 mln in unaudited 2017 profit
“The acquisition of new markets, expansion of the product range and
successful operations in existing markets have enabled the Elko Grupa to grow faster than the market as a whole,” the group’s
management said in the statement.
It was also noted in the report that Elko Group achieved growth also thanks
to improved market conditions and the acquisition of Swedish hardware and
electronics distributor Gandalf Distributors in July 2017.
The gross profit of Elko Grupa
was EUR 67.793 million, according to unaudited data. “The increase in gross
profit reflects the company’s focus on withdrawing from the outsourcing of some
business operations, mainly in the CIS region, and on optimizing operations,”
the company’s management said.
The stabilization of CIS market conditions and the trend towards slow
growth, recent expansions, as well as company’s management strategic and
operational efforts allow the company to estimate that it will continue to grow
in coming year. In the light of given market risks, management has assigned
priority to the continuous management of working capital, EKO Group said in the
report.
Elko Grupa closed 2016 with EUR 1.319 billion in turnover and a EUR 7.708 profit.
Elko Group belongs to several legal entities, including investment fund
Amber Trust. The company’s bonds are listed on the Baltic Bond List of the
Nasdaq Riga stock exchange.