Agrino: Weight increase by 14.6% in 2023

A significant increase of 14.6% showed its turnover in 2023, which amounted to 43.6m euros compared to 38.04m euros in 2022. Functional as well as net profitability showed a significant increase as a result of the strong development of the rice-based product group and the ever improved management of Agrino. In particular, EBITDA amounted to EUR 6.1 million and pre-tax profits to EUR 3.4 million. Please note that the significant increase in the turnover of the company comes from the dynamic course of the category of healthy snacks – rice bars and prepared rice-based products and less in product reviews. It is stressed that, particularly in rice, overall for Greece, price increases were clearly lower than the European average. In addition, in the light of Agrino’s policy of making much lower valuations than cost charges, especially raw materials, the overall appreciation of the products in 2023 is obviously less than the average nationwide price increase in the sectors it operates. As regards the nationwide market shares, in the main categories active despite the modest decline, Agrino maintains its leading position in rice by far the second while in the legume is in 2nd place. Very positive is the course of the new Quick Deli prepared meals presented by the company in late 2022. It was also successful to re-launch the series of semi-prepared meals with rice and rice “Greek Gourmet” in the new packaging that highlights the Greek origin of ingredients. In the category of rice mills for 2023, the growing trend in sales and market shares continued by improving all subcategories. Notable is the increase in exports of the company by 20%. The prospects are considered favourable for agreements to be concluded in EU and US target countries with an emphasis on standard branded rice and legume products and also on the category of snacks. In investments, it was put into operation in September 2023 at the time of the threshing of rice, the state-of-the-art unit for picking up, drying and storing cereals at the Imathia Key. At the end of 2024, all actions of the largest investment programme implemented by Agrino in its 70-year history, which amounted to 15m euros will be completed. The design of the new five-year investment programme will be completed in the coming months, to be implemented in 2025. On the occasion of the announcement of the financial results, Agrino CEO Anastasios Fotolas comments: “The company’s sales dynamics for 2024 continue at a steady growth rate. It is noted that in March 2024 Agrino entered the category of chips with global innovative products with Greek brown rice and legumes raw material. We look forward to an equally dynamic continuity, focusing on the consumer and our commitment to high quality products that meet the modern needs of the market.”