Financial performance of Slovak dairy companies during the COVID-19 pandemic and the energy crisis: a comparative analysis

This paper presents a comparative financial analysis of the financial performance of selected dairy companies operating in the Slovak Republic during the period 2019–2024. The subject of the research comprises the companies KOLIBA, a.s., Zvolenská mliekareň, s.r.o., and Syráreň Havran, a.s., classified under SK NACE 10510, which were identified as the only dairy companies in Slovakia meeting the size criterion based on the number of employees within the range of 100–149. The defined study period captures the development of the companies' financial performance in the pre-pandemic phase, during the COVID-19 pandemic, and in the subsequent period of economic recovery, including the impact of the energy crisis. The aim of the paper is to identify and compare the key determinants of the financial performance of the analyzed companies and to provide an empirically grounded picture of the differences in their financial performance. The research uses data from the register of financial statements and combines quantitative financial analysis methods, specifically financial ratios, the pyramidal decomposition method of financial performance, and vertical and horizontal analysis of costs and revenues. The study applies general scientific methods of analysis, synthesis, comparison, induction, and deduction to interpret the results. The research results confirm that operating activity is the primary determinant of the analyzed companies' financial performance, with material and energy consumption dominating the cost side and revenue from the sale of their own products dominating on the revenue side. The research further shows that the deterioration in financial performance of all three companies coincided temporally with the COVID-19 pandemic and the subsequent energy crisis, although a gradual recovery trend is observed in the final phase of the study period. Given the design of the study, these findings should be interpreted as temporal associations rather than as evidence of a direct causal effect. The comparative analysis reveals substantial inter-company differences in performance, conditioned by differing product portfolios, cost structures, and business strategies. Based on the findings, recommendations applicable to business practice in the dairy sector are formulated.