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ELKO Group Unaudited Annual Report, 2021

The challenging environment created a multitude of opportunities for improving profitability.
Throughout 2021, ELKO Group observed stable and strong demand from the market in key product segments of IT and consumer electronics products, while supply remained challenging due to accumulating effects of the component shortage, lack of production capacity and strained logistics from the Far East. Nevertheless, this challenging environment created a multitude of opportunities for improving profitability, which resulted in gross profit growth of 24.4% compared to 2020, while cautious cost base management led to a net profit increase of 35.1% to USD 46.7 million (EUR 39.4 million).
  • Revenue USD 2,192 million (EUR 1,853 million), an increase of 0.3% year-on-year
  • Gross profitability 7.4%, an increase compared to 5.9% in 2020
  • Gross profit USD 161.7 million (EUR 136.7 million), up by 24.4% year-on-year
  • Net profit USD 46.7 million (EUR 39.4 million), an increase of 35.1% year-on-year
In February 2021, ELKO Group issued 20 million EUR five-year non-secured bonds with a coupon rate of 6 per annum, payable semiannually. Bonds were listed on the Nasdaq First North in the second quarter of 2021.

Akciju Sabiedrība ELKO Grupa, through its subsidiary ELKOTech Romania SRL acquired 100% of shares of value-added distributor IT Smart Distribution SRL and WESTech CZ s.r.o, a member of ELKO Group, took over a controlling stake (85% of shares) in Apple B2B solution provider Logicworks s.r.o. from Etnetera Group.
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