Apivita achieved growth of 13.84% and increased profitability by 19% in 2023, achieving satisfactory growth rates for foreign markets and maintaining its strong position in Greece. 

In more detail, the company's turnover amounted to €57.88 million, an increase of 14%. The company's selling expenses increased by 11% and administrative expenses by 14%.

Much of this increase is due to Apivita's strategic decision to change the way it distributes its products domestically, targeting long-term future benefits from more efficient inventory management and improved quality and speed of service. This change has temporarily resulted in increased warehousing and distribution costs for this year. 

Also, in its efforts to grow abroad, the company increased its promotion and advertising expenses from €4.11 million to €4.49 million.

Finally, Apivita's pre-tax profit stood at €2.4m compared to €1.89m in 2022, an increase of 28%, with final profitability closing at €1.77m.

ΟUTLOOK

With the outlook for the industry looking promising again this year, Apivita's management estimates that it will achieve a similar growth rate as in 2023.

In particular, it expects to increase its international market share and boost profitability through exports. This is also the group's strategic objective by targeting the Asian and Latin American markets, as well as e-commerce.

As part of the effort to enter new international markets, such as the Czech Republic, Serbia, Brazil, China, Hungary, France, Chile, and others, new innovative products are developed, and the quality of products and services is further improved with the ultimate goal of international growth and strengthening the company's extroversion.

The management estimates that the 2024 performance target will be achieved through the strengthening of the company's position in the Greek market and rapid growth in exports. Also, the group has reorganized its management lines with more direct reports to the central management, expecting to reduce administrative costs and increase the increase the efficiency of the organization. 

Finally, by investing in an energy storage system in combination with the photovoltaic cells installed at the facilities, it aims to control energy and production costs.