Gea ups revenue 50%, profit jumps four-fold in 2021

Slovenska Bistrica – Gea, the largest producer of vegetable oils in Slovenia, generated EUR 41.9 million in revenue last year, which is 50% more than in 2020 and almost 40% above plan, as the company generated half of total sales abroad. Profit increased four-fold to EUR 600,000.

Igor Hustić, the director of the Slovenska Bistrica-based company, said in the annual report that the company started facing rising prices of raw materials in the first quarter of 2021.

Compared to the average prices in 2020, the prices of basic raw materials, especially white oils, were 93% higher in this period, and significant increases in prices of packaging, transport services, waste disposal and of labour costs were also recorded.

Gea nevertheless managed to find new clients abroad and further reduce its dependence on the situation on the domestic market, while increasing sales at some strategic clients in Slovenia.

The edible fat market in Slovenia has been shrinking for several years, and the company continues to face unfair competition from companies from the former Yugoslav republics, Hustić said.

Revenue in foreign markets was doubled compared to 2020, mainly due to higher sales in the EU markets, by as much as 47%, and similar growth was recorded in Southeast Europe. Almost six times higher sales were recorded in the remaining countries.

“We operated successfully and exceeded the planned revenue, production volume and sales. We maintained good liquidity and solvency at zero indebtedness. Major investments were implemented, and some were carried over to 2022,” the director added.

This year, the company with some 90 employees plans to earmark almost EUR 1.2 million for investments, mainly in repairs of the waste water treatment plant and in real estate in Portorož.