Slovak packaging firm Grafobal struggles with production losses despite improved overall results

Grafobal Skalica, the key company in businessman Ivan Kmotrík's portfolio, has been running production operations at a loss for two years despite improved overall financial performance in 2023. The packaging manufacturer, which generates annual revenues of around 60 million euros, has been affected by declining consumption and remains profitable only through dividends from its foreign subsidiaries. The company does not expect a turnaround in production profitability this year, though it maintains financial stability with reserves built up during more successful periods. Grafobal represents the most important asset of Kmotrík, one of Slovakia's prominent large-scale entrepreneurs, making its operational challenges significant for his broader business empire.