Chocolate producer Kandia-Excelent expects its gross profits to rise by 57% this year to 3.3 million euros, thanks to an investment budget of around 1.2 million euros.
According to a company report, Kandia-Excelent has set a gross profit target of 4.3 million dollars (3.3 million euros) and a turnover target of 44.2 million dollars (35m euros). This will mean 17% higher yearly turnover. The companya??s representatives could not be reached for comment. Alongside Kraft Foods Romania, the producer of Poiana and Milka chocolate, Kandia-Excelent is one of the main players on the Romanian chocolate market, which is put at 120-150 million euros a year.
The first quarter saw growth for the companya??s main financial indicators. Net profits climbed to 1.4 million euros, almost twice the value seen in the same period last year (756,000 euros), while turnover hit 8.5m euros, up from 6.4m euros. Last year, the company generated turnover of around 30 million euros and gross profits of around 2.1 million euros. The companya??s net profits were in the region of 1.5 million euros, lower than the previous year. Excelent merged with Kandia Timisoara last year. Before the merger, Excelent was the main shareholder in Kandia, after acquiring the majority stake in 2003 in Rivta Handelsges, an investment fund, a deal put at six million dollars (around 5m euros). The facility in Timisoara was closed after the merger with the entire production handled by the factory in Bucharest. Following the merger, the company has directed the bulk of its investments to promoting the Kandia brand, positioned on the premium segment.
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