Business News

Conglomerate Sava Presents Updated Development Strategy

Kranj, 13 January (STA) - Chemicals-through-tourism conglomerate Sava presented on Wednesday an updated two-year development strategy. The plans include the optimisation of assets, penetration to new markets and further investments into the construction of residential areas and tourism facilities, Sava boss Janez Bohoric told a press conference in Kranj.

Comprising over 31 companies and 2,406 employees, conglomerate Sava ranks among the biggest groups in Slovenia, its activities ranging from tires and tourism to real estate and financial investments.

In the tire section, the group is eyeing potential acquisition candidates. Several European tiremakers have run into trouble due to the economic crisis, Bohoric said, adding the company has received a number of offers.

In real estate, the development strategy focuses on the construction of 129 apartments and about 3,000 sqr metres of commercial areas in Ljubljana, and a 18-unit residential area some 20 kilometres north of Ljubljana.

Investments in tourism facilities in 2010 meanwhile include the renovation of swimming pool water treatment systems at all locations, while in the energy sector, upgrades to biomass production capacities in Sava's plant in Bosnia-Herzegovina are planned.

The conglomerates also outlined general business plans for 2010, according to which the conglomerate is to generate EUR 191m in revenues, up 11% compared to 2009.

According to estimates, net profit in 2009 is to stand at EUR 21.4m, up by 114% compared to the year before. The group's final results are however to be published by the end of February.

The conglomerate is centred around Sava PLC, whose main owners include state-run funds KAD (18.7% stake) and SOD (11.1%), financial company PSL Storitve and hardware retail chain Merkur (8.3%).

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