Papoutsanis Achieves Significant Sales and Net Profit Growth in 2024

In 2024, Papoutsanis reported a turnover of €66.2 million (up from €62.3 million in 2023), marking a 6.3% increase, with exports accounting for 55% of total turnover, as announced on March 26, 2025. The contribution of the four business segments to the 2024 turnover includes 30% from branded Papoutsanis product sales domestically and internationally, 17% from hotel market sales, 36% from third-party productions, and 17% from industrial sales of specialized detergents. During 2024, all profitability indicators improved. Specifically, gross profit margin rose to €24.7 million compared to €21.2 million in 2023, an improvement of 16%, driven by higher contributions from branded retail and hotel market products, alongside the completion of a strong investment plan in recent years. This resulted in significant cost reductions in industrialization and boosted growth prospects through new agreements, allowing the company to offer higher-quality products at competitive prices. The completion of the robust investment plan over the past few years has created necessary free capacity (about 50% on average) paving the way for new collaborations. The company has already agreed on new projects with existing and new clients that will be implemented in 2025, further enhancing turnover and profitability. Mixed profit for 2024 reached €24.7 million versus €21.2 million in 2023, improved by 16%. The mixed profit margin increased to 37% from 34% in 2023. Operating expenses, including sales, administration, research, and development, amounted to €17.3 million in 2024 compared to €14.6 million in 2023, showing a 19% increase due to an enhanced promotion plan for branded retail products. EBITDA profits rose to €10.6 million versus €9.2 million in 2023, up by 15%. Profits before taxes reached €6.1 million compared to €5.0 million in 2023, improved by 20%. After-tax profits climbed to €5.3 million against €4.1 million in 2023, up by 29%. By activity sector, branded products saw strong growth of 17% compared to 2023, led by the ARKADI brand (+69% vs. 2023) and exports (+22% vs. 2023). Excluding these areas, Papoutsanis branded product sales grew by 6% compared to 2023, overcoming the decline in the antiseptic category (-14% vs. 2023) due to product innovation, entry into new categories, dynamic advertising support, and strengthened distribution and product image in stores. Hotel product sales increased by 3.5% in 2024, driven by the growth of Papoutsanis branded hotel products. Sales of third-party hotel products abroad performed satisfactorily, maintaining 2023 levels and covering the shortfall of the first half, which was due to the high base of the previous year. Branded hotel product sales grew by 9%, driven by exports that expanded significantly (+53% vs. 2023), creating strong foundations for the future and reinforcing Papoutsanis brands’ presence abroad. Domestic sales of branded hotel products remained stable, slightly enhanced (+1% vs. last year). Regarding third-party products (industrial sales, private label), category sales moved at satisfactory levels and closed 2024 down by 2.8% compared to 2023, having covered most of the first-half shortfall (-10% vs. the same period last year), as significant new collaborations began to yield results. Industrial detergent sales increased by 14% compared to 2023 due to collaboration and code growth. The company’s goal remains the continuous expansion of its customer base and further development of synthetic detergents.