Barilla Hellas' consolidated turnover was €124.5 million in 2023, compared to €115.5 million in 2022, an increase of 7.7%.

 

Consolidated gross profit was €51.6 million compared to €40.7 million in 2022, up by 26.8%, and the profit margin was 41.5%. Note that although Barilla Hellas' margins have improved significantly in 2023, they have not yet returned to pre-COVID-19 levels. 

 

The management of Barilla Hellas is monitoring developments on a daily basis and assessing the situation, ready to take all necessary measures to minimize the impact of any negative developments on the company's operations. For 2024, the management remains optimistic for the continuation of the positive performance achieved in 2023, focusing on the better exploitation of the Greek market, the development of activities in Eastern Europe, and the continuation of investments in Greece.

 

Barilla Hellas CEO Carlo Mereghetti said: "The positive financial results for 2023 reflect the hard work and dedication of our team. Through our export efforts and our investments in sustainable energy, we have been able to improve our margins and ensure steady growth." 

 

As per the company's announcement in Greece, energy prices in 2023 remained high but stable. Competitive pressures continued to be strong, while the normalisation of raw material and durum wheat prices since the second half of the year had a positive impact on production costs. In 2023, Barilla Hellas completed a major green investment with the installation of photovoltaic panels in the factory and mill. This sustainable initiative reflects the company's commitment to environmental stewardship and contributes to operational cost savings, enhancing the company's financial strength.

 

The main pillar of the positive results has been the growth momentum in Eastern Europe, with Barilla Romania as the key driver of the upward trend, the strengthened export effort, which increased by 19% year-on-year, the exploitation of international market opportunities, as well as investments in sustainable practices in the supply chain. 

 

The improvement even came amid strong challenges and unfavorable exogenous conditions in 2023 for all businesses globally, such as geopolitical instability and economic uncertainty. Geopolitical instability maintained a climate of uncertainty in markets, resulting in energy and commodity prices remaining high, increasing operating costs, while lending rates remained high as central banks struggled to cope with inflationary pressures. These factors continued to exert pressure on the purchasing power of consumers, who increasingly turned to private-label products, impacting company results