According to a new release from Fina, producers of Croatia wines recorded a consolidated net profit of almost 6.0 million euros ($6.4 million) in 2023, compared with a consolidated net profit of 2.5 million euros in 2022. This increase amounts to a 141.6% year on year.
Croatia boasted 275 wine-making enterprises with 1,542 employees last year, an increase of 1.9% compared to the previous year. Overall, the industry is thriving and has excellent growth potential. However, the profit disparity between larger growers and minor concerns could be a better trend.
Winemakers’ profit for the period was €9.6 million, an increase of 16.8%, while their loss for the period was down 36.9% to €3.6 million. In Croatia, ⅔ of wine-making businesses operate in the black. Of all wine-making companies, 65.1% operated at a profit, while 34.9% reported losses.
The trade balance from the wine-making industry was also positive, at about 2 million euros. The highest-grossing winemaker was the Agrolaguna winemaker from Poreč, with a total revenue of €20 million.
The 2024 season already appears bright, with export growth being one key to Croatian wine-making profitability. One strategy being undertaken by some businesses is a refocus on premium wine, which could positively affect profitability.
Source: SeeNews