Masoutis: Increase in sales by 16.5%, 1 billion euros per turnover

With an increased corporate turnover of 16.5% compared to 2022 and more than 25 million euros in the Greek economy, it continues its strong footprint and in 2023, according to the publication of its results, the . As noted in a statement by Masuti, “special emphasis was placed on the effort to keep price increases and price maintenance for the benefit of consumers. In this direction it is estimated that investments exceeded EUR 20 million. This effort is part of a commitment by the Agency’s administration to healthy and sustainable development, as has often been supported in its public interventions by the Group’s head Mr. Giannis Masoutis. This resulted in the company’s profitability remaining stable, despite a 16.5% increase in turnover compared to 2022. This strategy of price reduction seems to bear fruit and in 2024 where D. Masoutis continuously earns shares and achieves growth twice as much as competition (in the figures available until July 2024). In fact, in all three months of this summer negative inflation was observed with prices falling mid-points compared to the summer of 2023.” More specifically, in 2023 there was an increase in company sales by 16.5% (from EUR 923 million to EUR 1,076 billion) and Group level by 14.5% (from EUR 940 million to EUR 1,076 billion). Profit before tax of the company showed stability (from EUR 8,303 million in 2022 to EUR 8,503 million in 2023). It is noted that profits are below 1% of turnover. “The company chose to ‘sacrifice’ most of its profitability to strengthen Greek consumers in a difficult period, thus contributing actively to the effort being made. A move that differentiated it from competition based on the financial results recently announced. Important is, in the context of healthy and sustainable development and the effort made by the company’s management to contain the valuations” is stressed in the same communication. In this direction it is estimated that more than EUR 20 million were invested, which had a direct impact on the reduction of gross profits by one percentage point from 25.63% on turnover in 2022 to 24.66% in 2023. According to the financial statements more than 25m euros were invested in 2023, with the bulk of it being about fixed assets, energy upgrades and renovations of stores. The company’s investment program in 2024 is estimated to move at the same pace.