Credit insurer Atradius this week declared end of year net profits of €50m (£34.1m) for 2004, a 228% increase on 2003's €15.3m (£10.4m).
Pre-tax profits rose by 104% to €58m (£39.5m) from €28.4m (£19.4m) in 2003.
The insurer said net profits benefited from a lower effective tax rate of 14% compared to 48% the year before.
Overall combined ratio for 2004 was 91.5%, compared to 101.2% in 2003.
In 2005 Atradius will launch a 'global marketing campaign,' open an office in Hungary and enter into a 'co-operation agreement' with Tokio Marine & Nichido Fire.
