Source: Sinteza Invest Group | Wednesday, 11.01.2012.| 13:45

Zemun-based Planum to undertake EUR 90 million worth of works in 2012

Zemun-based construction company Planum last year generated 30% of revenues in the country and 70% abroad.

Planum has already inked contracts for about RSD 3 billion projects in Serbia and projects worth approximately EUR 60 million in Russia and Kazakhstan in 2012.

- We also expect to sign an agreement in the first quarter of this year for a project in Angola, of which total value is about USD 1 billion - says Planum CEO Ratomir Todorovic.

- We will be building military facilities in that country, and the value of that first agreement is expected to be about USD 150 million.

The profit that Planum generated in Serbia last year amounts to about RSD 50 million, and Todorovic says it would be much bigger if there were not for expensive loans that this construction company practically lends to the state to finance the construction of the northern branch of Corridor X and the first section of the Belgrade-South Adriatic highway. Liabilities to banks were last year larger than the expenditure for gross salaries for all employees.

Planum's shares are listed on the Belgrade Stock Exchange, but they have not been traded so much in the previous period. With the latest share price of RSD 642, the company's market cap amounts to RSD 265.9 million (EUR 2.6 million).

GP Planum Zemun
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