Celje - Cetis, a printing group specialising in secure documents, commercial printing and packaging, saw its net profit increase by 30% to EUR 5.9 million last year as revenue rose 2% to EUR 67.8 million, follows from the annual report posted by the company on the website of the Ljubljana Stock Exchange.

In the report, Cetis chairman Peter Groznik writes that the Covid-19 crisis made the market of travel and personal identity documents unpredictable with a slump in orders and stagnation or decline in business.

The company also saw a major organisational change last year as the commercial printing division was hived off into Amba CO, which was renamed Cetis Flex.

In this way the company completed a reorganisation to merge commercial printing and flexible packaging businesses to create synergies. The 91 staff was transferred to the new company as well.

The bulk of the group's sales revenue (51.2%) was generated in Slovenia.

The core company Cetis saw its sales revenue drop by 13.4% to EUR 32 million, of which 56% was generated abroad, most in Africa and the EU. Net profit was up 28% to EUR 4.7 million.

The company acquired a new reference for passports for the African region and completed major projects in 16 countries in Europe, Central America, Africa and the Middle East.

The company's biggest single shareholder is MSIN (76%) followed by the state-run Pension Fund Management (7.80%) and Slovenian Sovereign Holding (7.47%).

The state owners have attempted to offload their stakes several times, so far unsuccessfully.