Croatian Nexe Group to post Euro16.3m gross profit

Croatian construction materials producer Nexe Group, which consists of 18 companies, expects to post between 120 mln Croatian kuna (Euro15.1m) and 130 mln kuna (Euro16.3m) gross profit for 2003, the group said on February 2, 2004.

The Nexe management estimated the group activities as very successful. The name of the group was changed to Nexe from Nasicecement in July 2003.

The annual capacity of the group’s parent company, cement maker Nasicecement, increased to 1.0Mta of cement. Nasicecement has also started using coal instead of gas. A total of Euro18m were invested in Nasicecement.

The group also carried out four acquisitions in Serbia. As a result of the acquisitions, Serbian construction materials companies, tile maker Polet in Novi Becej, bricks producers Opeka in Smederevska Palanka and Strasilovo in Sremski Karlovci and limestone and stone materials producer Jelen Do joined the group.

The group will focus in 2004 on its consolidation, on reconstruction projects, investments and further acquisitions, Ergovic said. The group has signed a contract for the construction of a brick factory in the Bosnian capital Sarajevo and will complete its investments in Nasicecement.