Kandia-Excelent doubles income in H1

Kandia-Excelent chocolate manufacturer in the first half of this year saw its net income double to 11.2 million RON, while its turnover reached a value of 56.4 million RON, down 3% compared with the similar period of last year. In the first six months of last year, the company reported income standing at 5.6 million RON amid turnover worth 58.2 million RON. In the first quarter of this year, Kandia-Excelent witnessed shrinking financial indicators, reporting turnover worth 27.8 million RON, down around 11% and income worth 1.35 million RON, almost four times smaller than the value of 5.1 million RON in the first three months of last year. Kandia projects a 21% turnover advance by the end of this year, to 151.1 million RON and expects its net income to reach 15.6 million RON, double the level of last year. The company has budgeted total investments of around 15 million euros for this year. The main rivals of Kandia-Excelent on the chocolate market are Kraft Foods Romania (with the Poiana, Milka, Toblerone, Africana brands), Heidi Chocolate Suisse (with the Heidi brand) and Supreme Chocolats (the Primola and Novatini brands). The majority shareholder in the firm is Axis Investments, with 83.96%. Kandia-Excelent stock is traded on the second tier of the Bucharest Stock Exchange. The company’s market capitalisation revolves around 74.8 million RON. Austria’s Meinl Bank AG this April became a shareholder in Kandia-Excelent, currently holding a 9.16 percent share in this company.