Papoutsanis' turnover in the first half of 2024 was €31.7 million, a slight decrease of 1.4%, with the value of exports accounting for 53% of total turnover.

For the full year, turnover is estimated to strengthen compared to 2023, as the new partnerships already being implemented will be in full swing in the second half of 2024.

Regarding the contribution of the four business segments to the overall figures, it is noted that 29% of total revenue comes from sales of Papoutsanis-branded products in Greece and abroad, 18% from sales to the hotel market, 36% from product production for third parties, and 17% from industrial sales of special soap mixes.

The completion of the strong investment plan has created the necessary free capacity (approximately 50% on average), setting the right conditions for new partnerships. The company is currently in negotiations with large multinationals and smaller companies for new projects that will further boost turnover and profitability.

Gross profit amounted to €12.1 million compared to €10.3 million in the corresponding period of 2023, an improvement of 18%. The gross margin also showed a significant improvement, which reached 38% in the six months of 2024 compared to 32% in the six months of 2023, as a result of the strengthening of Papoutsani's branded products and the improvement of production costs through the investment plan.

Operating expenses (distribution, administration, research, and development) amounted to €8.5 million in the first half of 2024 compared to €7.2 million in the same period last year, mainly due to an increase in promotion and sales support expenses for the branded products category, which are showing significant growth. 

Profit after tax amounted to €2.3 million compared to €1.7 million in the first half of 2023, an improvement of 32%. Income tax for the current financial year appears lower as a consequence of the completion of investments under Law 4399-2016, whose aids are implemented using tax exemptions.