“We’re talking stagnation this year. The food and drinks service industry was closed, the large stores saw fewer customers and there was a decline in bulk sales, as well as uncertainty among consumers about their incomes. All these only serve to curb consumer spending,” Voicu Vuscan said.
“Future sales growth largely depends on consumers’ incomes and the restrictive steps taken to contain the spread of COVID-19, because they will directly influence consumption of cold cuts.”
Elit Cugir makes more than 40,000 tons of cold cuts a year in its four facilities in Alba, Bucharest and Arad. Its owner is China’s Smithfield group, which bought it in 2017. Elit Cugir posted more than 495.1 million lei (EUR104.5 million) revenue in 2019, 19% more than in 2018, ZF has calculated from Finance Ministry data. This is its highest revenue ever.
(English version by Loredana Fratila-Cristescu)