Slovenske Konjice, 15 September (STA) - SG Automotive, a medium-sized Slovenian automotive industry supplier, returned to profitability in 2023 after still operating at a loss in 2022 after a compulsory settlement.
The company posted revenue of EUR 18.6 million and a net profit of EUR 970,000, compared to a net loss of over EUR 300,000 in 2022.
Most sales come from EU markets, though the company has a global presence.
The positive development is due to new clients and increased profitability of existing products, directors Matjaž Zgaga and Klaus Schuster say in the 2023 annual financial report.
The company focused on gradual business reorganization, lean manufacturing, stabilizing supply and sales markets, combating unexpected high inflation, and streamlining internal operations.
It strengthened its sales and project management departments to secure new business and diversify into other sectors.
Following its compulsory settlement at the end of 2021, the company was transferred from the ownership of Robert Grah to Uroš Čufer and Yildirim Ugur.
In mid-April this year, the company settled all its liabilities stemming from compulsory settlement, with all creditors paid simultaneously using a mix of own funds and long-term refinancing.
