The company IPEC (Întreprindea de Porţelan Elena Covaciu), owned by the Covaciu family, one of the main suppliers of IKEA on the local market, completed the year 2023 with a net profit of almost 4 million RON (892,000 euros), 2.4 times higher than the previous year, when the company had a net profit of 1.68 million RON (341,000 euros), according to ZF calculations based on data from the Ministry of Finance. Last year, IPEC achieved a turnover of 143.4 million RON (29 million euros), down by 8.7% compared to the previous year, when the company reported a turnover of 157.1 million RON (31, 8 million euros), according to public data. The porcelain manufacturer from Alba Iulia reached an average number of 518 employees last year.

IPEC is among the world’s largest players in the field of housewares and fine china, with approximately 50 million pieces manufactured annually and shipped globally, from Japan to the US, according to previous reports.

IPEC Alba Iulia works both with restaurants and with some of the biggest retailers in Europe, such as IKEA, Carrefour, Metro and Aldi. IPEC Alba Iulia officials announced last fall that they plan to invest 10 million euros in a porcelain cup production unit. The factory will also be located in Alba Iulia, where the company’s current production unit is also located, and construction is to be started this year, according to previous information.

Source: ZF