On the occasion of the 50th anniversary of the Koncar power transformer factory moving to its current location and the 95th anniversary of the company's establishment, President Kolinda Grabar-Kitarovic visited three of Koncar Group's factories in Zagreb on Thursday.

Grabar-Kitarovic toured Koncar Power Transformers, Koncar-Distribution and Special Transformers and Koncar Instrument Transformers, saying that the Koncar Group was particularly important for the development of the country's economy owing to its orientation to export and continual technological development.

Grabar-Kitarovic underscored that she was interested in how "together we can do more not just to strengthen Koncar's export capacities but the entire economy."

"Koncar is one of our most important companies in terms of its line of business, revenues and number of employees. What makes it stand out and so important for the development of Croatia's economy is its export orientation and continual technological development. For decades Koncar has applied successfully its know-how, expertise and experience in large and technically demanding projects around the world. These projects have permanently contributed to improving living conditions in numerous countries and developing their economies and have secured economic development, growth in exports and a respectable place in international relations for Croatia's," she said.

Management Board chair Darinko Bago said that they decided to celebrate the 50th anniversary because of the lack of positive examples in society, particularly in the economy.

He said that the three factories had operated continually for 50 years, which required competence. "If you lack competence, you cannot retain continuity," Bago said.

He added that since 1999 Koncar had maintained the same number of employees, that productivity had increased by almost 3% and that income from sales had increased by 6%. Last year income from sales grew by 15% on the year and the company generated a gross profit of HRK 170 million, he added.

"In the next five years we expect income from sales to grow by more than 6% and exports by more than 12%, we also expect growth in profits and in the number of employees and investments of around HRK 1 billion," he added.

Founded in 1921, the Koncar Group nowadays consists of 17 dependent companies and 1 affiliated company, and has around 3,700 employees.

Annual sales amount to 400 million euros, of which half is exports. Furthermore, during recent years the Koncar Group has delivered products and plants to more than 100 countries on all the continents.

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