Business news

Sip Šempeter revenue, profit down in 2020

Šempeter v Savinjski Dolini, 27 April (STA) - Sip Šempeter, which specialises in the development and production of farm machinery, saw both revenue and profit decline in 2020 after four years of rapid growth, but the company says the year was still good overall.

Revenue declined by 3% to EUR 32.5 million, and net profit, at EUR 2.8 million, was down by 17% over the year before, according to director Uroš Korže.

Despite the reduced sales, the company improved productivity and optimised production. It also reduced financial leverage, Korže told the STA.

The farm machinery industry is currently relatively stable and demand is higher than last year, but there is increasing price pressure along the supply chain.

According to Korže, revenue is projected to grow by 12% in 2021 and profit before tax by 8%.