Preliminary data for the first nine months indicates that Plantaže has achieved its best business performance in the last six years, along with the highest revenue in the past decade, announced CEO Igor Čađenović.
In an interview with Pobjeda, Čađenović expressed the company’s commitment to finishing the fiscal year with a positive result after a long period. He emphasized Plantaže’s long-term potential and its status as one of Montenegro’s most recognizable brands.
“Our results demonstrate that, despite challenges, Plantaže is experiencing continuous growth. This reassures us that our focus on cost rationalization and improving operations in all segments is the right path toward stable and profitable future business,” Čađenović stated.
Preliminary figures for the first nine months show the best results in six years, even though they remain negative. “This progress clearly reflects our dedicated work, commitment to the company’s stability, and efforts toward further development and improvement,” he added. Notably, excluding interest expenses and depreciation costs, EBITDA is positive at €2.8 million.
The achieved revenues are 6% higher compared to the same period last year, marking the highest income in the last ten years. “We are particularly pleased with the growth in bottled product sales, which have increased by 11% across all markets, with a rise in both domestic and foreign markets. We have also seen significant growth in hospitality services and wine tourism,” Čađenović noted.
On the expense side, there has been a 6% increase due to higher labor, material, and energy costs. He explained that this year has been unique due to an earlier harvest start, causing certain costs typically incurred in the last quarter to be recorded by September 30. “This confirms good management and a secure path to stable and profitable operations,” he stated.
When asked about his satisfaction with this year’s business and results, Čađenović expressed overall contentment with the performance in the first nine months, particularly given the challenging market conditions. “The trends indicate stability and sustainability in our operations. If positive indicators hold until year-end, we aim to conclude the fiscal year with a positive result after a long period. However, we remain cautious and responsible in our assessments, continuing efforts to enhance operational efficiency and maintain stability,” he said.
Regarding sales performance in domestic and foreign markets, Čađenović reported excellent results. Revenue from bottled products has increased by 11% compared to the same period last year. Despite a weaker tourist season, the domestic market generated the most revenue, with an 8% sales increase, while foreign markets saw a 9% growth.
He highlighted regional markets like Serbia, Bosnia and Herzegovina, and Croatia, the latter of which recorded the highest growth this year compared to last. “The growth in regional markets is noteworthy, considering the serious development of the regional wine scene and the increasing number of wineries. Our presence spans numerous countries across all continents, and through continuous improvement of our products’ quality and more efficient marketing, we achieve stable growth despite growing competition,” Čađenović added.
Competition remains strong across all markets, particularly in the region, where countries and national associations heavily support local producers. “We believe that additional support from economic diplomacy is crucial for strengthening our positioning and further growth on the international stage. Despite challenges, our results show that Plantaže remains a market leader, thanks to quality. This year, we won 16 medals at two major international competitions, including ten gold medals, further confirming the quality and international reputation of our wines,” Čađenović concluded.
