Profit per employee highest in state-owned businesses

Even though private businesses in 2015 generated almost 73% of total consolidated profits of all businesses, an analysis by the Financial Agency (FINA) shows that profit per employee in state-owned companies was twice the amount of profit per employee in private businesses.   

A total of 106,569 businesses were active in 2015, and of them 104,635 were privately owned, 850 were state-owned, 592 had a mixed ownership structure and 492 were owned by cooperatives.

Total profits of all businesses amounted to more than HRK 35.9 billion whereas losses amounted to 18.7 billion, which resulted in a consolidated profit of HRK 17.14 billion.

Privately-owned businesses generated a net profit of close to HRK 12.5 billion while the profit of state-owned businesses amounted to HRK 3.9 billion. Businesses with a mixed ownership structure generated a profit of HRK 722.2 million whereas businesses owned by cooperatives were the only ones to record losses in the amount of HRK 845,000.

Fina's analysis also shows that state-owned businesses earned an average HRK 4.6 million in profits per business or HRK 39,800 per employee, while privately-owned businesses earned an average profit of HRK 119,300 per business or HRK 18,700 per employee, twice less than state-owned businesses.

Fina says that this is primarily owing to positive business results of the biggest state companies, notably the HEP power supplier, which generated a HRK 1.7 billion profit, its subsidiary HEP-Operator Distribucijskog Sustava, with HRK 725.2 million, and another HEP subsidiary - HEP Proizvodnja, with a profit of HRK 337.1 million.

The total results of businesses were significantly impacted by losses generated by some of them, like the INA oil company, which ended 2015 with a loss of HRK 1.2 billion, Agrokor, which generated a loss of HRK 197.6 million, and ENI Croatia, the Croatian subsidiary of the Italian oil company ENI, which ended the year with a loss of HRK 55.8 million.

Fina's statistics also show that private businesses last year increased the number of employees by 4.2% from 2014, to 667,000, and their revenues grew 5% to HRK 511 million while their consolidated profit dropped by 3.7% to HRK 12.5 billion.

State-owned businesses employed 99,011 workers, 2.4% down from 2014, and their revenues totalled HRK 58 billion, 4.4% down. Their consolidated profit was 9.7% up from 2014, amounting to HRK 3.9 billion.

The average net salary in the economic sector in 2015 was HRK 5,019. In the private sector, the average net salary was HRK 4,685 while the average in state-owned companies was HRK 6,352.

Last update: Mon, 06/06/2016 - 10:52

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