William Malcolm

Mora Moravia Sees Revenue And Profit Fall Amid Pandemic

The joint-stock company Mora Moravia, which manufactures cooking equipment in Hlubočky near Olomouc, saw revenues fall by CZK 21 million year-on-year to CZK 2.061 billion year-on-year last year due to the negative impact of the coronavirus pandemic. Net profit fell by about one million crowns to 38.98 million crowns. 

Last year, the company reduced the production of free-standing stoves by about one percent year-on-year to 516,688 appliances out of a record more than 521 in 2019. Last March and April, Mora Moravia had to suspend production due to a new coronavirus epidemic as it faced lower orders and supply problems. components from its suppliers.

According to the company’s CEO Vítězslav Růžička, the situation improved in May, and in the rest of last year the company already showed an increase in stove production. “In the second half of 2020, the company again achieved record high sales even in such a difficult time,” said Růžička.

Mora Moravia gained about half of its sales abroad last year, where it improved its market shares mainly in Poland, Hungary and Ukraine. But it has also improved in Great Britain and France. “Nevertheless, the domestic market and Eastern European markets still remain crucial for the company,” Růžička said.

In 2012, Mora Moravia started the production of stoves that were previously assembled in Finland. The Gorenje Group decided to move production. The Finnish plant in Lahti produced 53,000 electric stoves a year, and Mora, whose annual production before the transaction was around 380,000 stoves, covered the entire production volume.

Mora Moravia has a registered capital of 273.7 million crowns and last year employed an average of 524 people. Its 100% owner is the Slovenian company Gorenje gospodinjski aparati.

Gorenje is one of the largest Slovenian exporters. In 2017, the company announced that it was looking for a strategic partner to help it strengthen its brand and reduce costs. The highest bid for the purchase of the Slovenian home appliance manufacturer Gorenje was submitted by the Chinese company Hisense, which later joined the group with capital.