Plantaze Reports Loss of €1.41 Million in First Nine Months

The Montenegrin company Plantaze has reported a loss of €1.41 million for the first nine months of 2023. This figure marks an increase of €230,211 compared to the same period in 2022, when the company recorded a loss of €1.18 million.

Despite the current downturn, Plantaze concluded the previous financial year with a profit of €1.04 million. This fluctuation in financial performance raises questions about the company’s operational strategies and market conditions.

Ownership Structure and Management

The majority ownership of Plantaze is held by the Montenegrin government, which owns nearly 56 percent of the company’s shares. The ownership structure includes the Development Bank with 22.22 percent, the Pension and Disability Insurance Fund with 21.49 percent, the Employment Agency with 8.52 percent, and the government itself with 3.66 percent. The Montenegrin Commercial Bank holds a minority stake of 9.22 percent.

Management is led by Igor Čađenović, the Executive Director, while Nikola Tripković serves as the Chairman of the Board. Both leaders face significant challenges as the company navigates its financial difficulties.

As Plantaze continues to focus on its recovery, stakeholders will be closely monitoring its strategic initiatives and financial forecasts. The outlook for the remainder of 2023 remains uncertain, and the company’s leadership will need to ensure effective measures are taken to improve profitability.