Hrastnik, 06 January (STA) - The Steklarna Hrastnik glassworks saw its net profit fall from EUR 20.4 million to EUR 0.5 million in 2024, according to preliminary results reviewed at Monday's general meeting. While speaking of an expected drop in a changed environment, the shareholders parted ways with CEO Matevž Fazarinc by mutual agreement, citing strategic differences.
The sales revenue of the company, which is part of the Vaider Group, reached EUR 62 million, a 32% decline from 2023. EBITDA amounted to EUR 13 million, down 60% year-on-year.
In 2023, net sales revenue had stood at EUR 90 million, with a net profit of EUR 20.4 million. EBITDA was EUR 33.3 million, according to the audited annual report published in September.
"The 2024 results are no surprise, as the company faced significantly altered external conditions, particularly a decline in demand in key European markets. Necessary measures to optimise production and stabilise operations were implemented at the end of 2023," Steklarna Hrastnik stated.
After ending cooperation with Fazarinc, who had assumed leadership in July 2023, the glassworks will be led temporarily by Peter Čas, who headed the company from 2017 to July 2024.
Čas noted that while demand has gradually strengthened since spring 2024, it remains well below 2022 and 2023 levels. As a result, production is currently operating at 65-70% capacity and is expected to remain so for most of 2025.
Despite challenges, the company is not pursuing lay-offs or significant reductions in staff, stressing the importance of preserving as many jobs as possible in Hrastnik.
"Short-term and decisive measures are needed to streamline and optimize processes and production. This includes accelerating the development and launch of new product lines," Čas said, highlighting his priorities during his interim leadership.
The general meeting also resolved to launch an international recruitment process for a new CEO. Čas does not intend to seek a full term and plans to return to a strategic advisory role within the Vaider Group after a new CEO is appointed.
