The electro-IT retailer Altex reported its revenues rose by 16% to RON 6 bln (EUR 1.2 bln) in 2021, resulting in a fivefold expansion over the past decade.

The net profit of the group, which operates online but also through a chain of 125 physical stores under the brands Altex and Media Galaxy, increased to RON 130 mln (EUR 26 mn) from RON 123 mln in 2020 and RON 75 mln in 2019.

The robust results are released in the context of more online-only operations such as Vivre.ro (home deco) and Elefant.ro (marketplace) facing financial difficulties of a magnitude that put at risk their operations.

"I would say 2021 was a difficult year. It had good times, but also bad times. In the end, however, we ended it well," Dan Ostahie, founder and owner of Altex, said, quoted by Ziarul Financiar.

Altex ranks second in the Romanian entrepreneurial business ranking, after the DIY retailer Dedeman.

(Photo: Cristi Croitoru/ Dreamstime)

andrei@romania-insider.com