The Caroli official did not provide a forecast for this year's turnover, but believes the growth rate will surpass the market level.
Caroli Foods, one of the leading charcuterie producers on the Romanian market, posted turnover worth 55 million euros last year from production activities alone, up 28% on the preceding year.
This is the first year in which Caroli representatives have broken down the company's financial results into production and distribution.
For 2007, company officials had announced a cumulated turnover worth around 120 million euros, up 30% on the previous year.
"In 2007, Caroli saw a 50% EBITDA increase on 2006. Last year, the increase in operating income was higher than the increase in turnover, because, following the takeover of Maestro two years ago, the company's turnover in 2006 was lower," explained Haluk Akdemir, the company's CEO.
Akdemir took over the management of Caroli Foods in the second half of last year, after he held a similar position at the local subsidiary of the cigarette producer Japan Tobacco International (JTI). During the same period, Talal El Solh, one of the company's shareholders, decided to keep his position as chairman, but relinquish his role as general manager.
The Caroli official did not provide a forecast for this year's turnover, but believes the growth rate will surpass the market level.
"I predict the charcuterie market will see a 6-7% increase in 2008, as well as over the next few years, with the level of annual consumption per capita to rise by a similar percentage. From 8.9 kg per capita, at the end of 2007, I expect it will reach 9.5 per capita by the end of this year," estimated the CEO.
The average level of meat consumption in Romania is 23% lower than in EU states, which means there is still significant growth potential on the charcuterie market.
"As EU standards in terms of hygiene are not met by some of the smaller producers, I expect the charcuterie market to become consolidated by 2009. By that time, 70% of the market will be held by ten large players, whilst the rest will be held by small producers," added Akdemir.
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