Napolact grows 20% in six months

Cluj-based dairy company Napolact posted $17.6m turnover in H1, 2003, up 20% since the year-ago period. The company also logged some $3m in net profit, up 46% since the corresponding period of last year.

“We are pleased with the results,” said Gerbrand de Boer, general manager of Dutch group Friesland, one of the main shareholders of the dairy company.#leadend#

Friesland bought 40.71% in Napolact last summer, through a public offer on the Rasdaq market, with the Employees’ Association (PAS) Napolact holding another 39.45%. This spring, it was rumoured that Friesland was already controlling the main stake in Napolact, through a cession of shares from PAS, with the acquisition of the last 11% needed to achieve majority deemed as a mere formality. Friesland would have to launch a public takeover offer for all the Napolact shares, though.

De Boer would not comment on the company’s shareholding structure. According to the half-year report released by Napolact, the company invested some 1.2 million dollars during this interval.

“Investments were mainly aimed at the purchase of equipment used for milk pasteurisation,” De Boer stated.

Company officials are also planning to buy a new ice-cream plant this year, but this project is in an early stage, according to De Boer. Napolact posted $28.4 million turnover in 2002, up 19% from 2001, when it amounted to some $23.7 million. According to company estimates, turnover should increase 11% this year.

Friesland posted 29m euros in turnover last year, up 26% since 2001. The company is set to invest more than 1m euros this year, especially in launching new products and preparing the plants for implementing the EU standards.

Napolact capital amounts to 165.01 billion ROL, whereas the face value of one share stands at 17,000 ROL.