Celje, 18 April (STA) - The chemical company Cinkarna Celje posted EUR 12.65 million in net profit last year, shows its audited 2023 annual report. This is well above the initial estimate of EUR 5.5 million, but still 71% less than in 2022.
The report, published on Thursday, shows that the Celje-based company posted an operating profit of EUR 12.72 million, and earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR 25.1 million.
This is a decline compared to 2022, when operating profit amounted to EUR 53.2 million, and EBITDA to EUR 65.3 million.
Revenue amounted to EUR 176.5 million last year, which is 22% less than in 2022, and the same amount as reported in the unaudited report at the beginning of March.
In 2023, the company spent EUR 19.8 million on investments, the purchase of fixed assets, intangible fixed assets and replacement equipment, the report also notes.
Cinkarna Celje, whose main product is titanium dioxide pigment, announced that it is not allowed to share last year's profit as it had received state aid to cope with high electricity prices.
It will thus be proposed at the next AGM that it be transferred to other reserves from profit, while the funds from reserves from before 2023 were transferred to the distributable profit at the end of 2023 to be used for dividends.
The company did not reveal the amount of the dividend, with the management noting that the supervisory board will announce it as part of plans for the AGM on 17 May.
