Its profits increased in the first half of 2024, according to the company’s announcement. In particular, Kri-Kri’s turnover amounted to EUR 130,874 million in the half of 2024, compared with EUR 112,974 million in the six months 2023 (increased by 15,8%). Sales of ice cream in value show an increase of 20.6% and were set at 28.524m euros compared to 23,657m euros in the previous period. The corresponding change in volume of ice cream sales was 16.5%. Milk sales in value increased by 14.5% and amounted to 101.137m euros compared to 88.312m euros in the previous period. The corresponding change in milk sales volume was 19.7%. Finally, the company’s exports were shaped at 53.4% of total sales of products showing an increase of 26.7%. The mixed profit margin was set at 34.5% (2023: 36.6%), namely a) in ice cream at 49.5% (2023: 48.1%) and b) in dairy at 30.5% (2023: 33.2%). The pre-tax profits amounted to 27,054m euros in the half of 2024, compared to 26,181m euros in the half of 2023 (a 3,3% increase) while net profits after taxes amounted to 26,317m euros from 21,191m euros in 2023. Accordingly, the operating profits of EBITDA were set at 29,439m euros compared to 28,721m euros in the respective previous period (an increase of +2,5%). As regards lending, according to the company’s announcement, the management seeks to maintain a small exposure to loan funds. On 30/6/2024, the company’s outstanding loans amounted to approximately EUR 4,462 million, while maintaining a net cash position. Important events of the first half of the current year In the ice cream sector, on the domestic market, our sales show a strong two-digit change of 21.7%. It contributes, on the one hand, to favourable weather conditions and, on the other, to expanding the sales network and strengthening the product portfolio. The role of tourism flows from abroad is also important. The rest of the summer season the growth rate of ice cream sales slowed down. On the Greek yoghurt market sales exceeded 37.8m euros, showing a decrease – 2.4% in value, but an increase of 4.8% in volume. In the current period, our product prices are at a lower level, and this negatively affects the value of sales, while pushing profitability margins. In relation to the market situation, consumers continue to shift to private label yoghurts as a result of their choices for cheaper products. Reclassifications occurring show the market share in volumes of private label yoghurts reinforced by 1.4 percentage points, applying pressure on branded yoghurts. The ongoing pressure from the development of private label yoghurts, leads the branded Kri-Kri yoghurts to a limited partial loss (-1.0 percentage point in value), with the share being formed at 15.4%, keeping the market 2nd place [Circana figures (previously IRI) in value, January – June 2024]. More generally, market developments appear to benefit Kri-kri, since it is the largest producer for the domestic market for private label yoghurts. Foreign sales of yoghurt show strong two-digit growth by 27.8%, surpassing 63m euros. They now account for 62.6% of dairy activity. A significant boost exists from the main markets of Italy and the United Kingdom, as well as from entry into new markets such as France.
Kri-Kri: Net profits 26.32m euros in the first half of 2024
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in Undertakings