Mežica, 30 August (STA) - Despite suffering damage of nearly EUR 27 million in last year's massive floods, the Mežica-based battery maker TAB ended the year with its highest ever group net profit.
The core company saw its net profit drop by 12% to EUR 17.3 million as sales declined by 14% to EUR 252 million, but the group posted a net profit of EUR 30 million on sales of EUR 407 million.
"The company is operating successfully after last year's challenges," chief executive Roman Burja told the press on Friday.
A year after the massive floods, the company is operating at full capacity, having replaced the majority of equipment; it is now dealing with repairing infrastructure.
TAB has received aid worth EUR 11.3 million from the state and is now awaiting confirmation of the amount of aid it will receive for infrastructure repairs.
TAB's core business is the production of lead-acid starter batteries for vehicles, but this year they have started producing lithium-ion energy storage devices in a EUR 20 million investment.
"We are currently operating at 25-30% capacity, which is in line with orders. Once we get additional orders, we will hire more workers," Burja said.
The company's key strategic priority is expansion outside Europe. The target markets are the US, Middle East and Asia.
The company held an AGM on Friday, at which it was decided to set aside the 2023 profit for reserves, whereas EUR 10.3 million in retained profit from 2016 and 2017 will be paid out in dividends.
