The KRI-KRI milk industry has published its financial statements for the first half of 2024. Turnover amounted to €130.87 million compared to €112.97 million in 2023 (up +15.8%).

The key profitability figures are as follows:

• Operating profit (EBITDA) amounted to €29.44 million compared to €28.72 million in 2023.
• Profit before tax amounted to €27.05 million, compared to €26.18 million in 2023.
• Finally, net profit after tax amounted to €26.32 million, compared to €21.19 million in 2023. 

In the yoghurt sector as a whole, sales increased by +14.5% in value and +19.7% in volume. In international markets, yoghurt sales showed strong double-digit growth of +27.8%, exceeding €63m. They now account for 62.6% of dairy activity. There is a significant boost from the key markets of the UK and Italy, as well as from the entry into new markets such as France.

In the Greek yoghurt market, sales exceeded €37.8m, showing a decrease of -2.4% in value but an increase of +4.8% in volume. In the current period, our product prices are at a lower level, and this is negatively affecting the value of sales while at the same time putting pressure on profitability margins. In relation to the market situation, consumers continue to shift to private label yoghurts as a result of their choices for cheaper products. The shifts occurring show the market share by volume of private label yogurts strengthening by +1.4 percentage points, putting pressure on branded yogurts. Continued pressure from the growth of private label yogurts drives KRI-KRI branded yogurts to a limited share loss (-1.0 percentage point in value), with share at 15.4%, maintaining 2nd market position [Circana (formerly IRI) data in value terms, Jan-Jun 2024]. In general, the market developments seem to benefit KRI-KRI, as it is the largest producer for the domestic private label yoghurt market.

In the ice cream sector, in the domestic market, our sales show strong double-digit growth of +21.7%. This is due to favourable weather conditions on the one hand and, on the other hand, the expansion of the sales network and the strengthening of the product portfolio. The role of tourist flows from abroad is also important. During the remainder of the summer season, the growth rate of ice cream sales slowed down.

For the remainder of the 2024 financial year, KRI-KRI's management expects the strong growth of its financials to continue. Thus, it is also adjusting its profitability forecasts. Based on management's revised forecast for 2024, total sales are expected to exceed €245m (compared to €233m as the original estimate), while earnings before interest and taxes (EBIT) are expected to reach margin levels of around 16% (compared to 15% as the original estimate).

KRI-KRI continues to strengthen its social and economic footprint. Recently, the number of employees has increased, with 100 new hires. Thus, the total workforce now stands at 700 people. At the same time, the milk zone was expanded, with new partnerships with local farmers. Finally, the planned investments, totalling €50 million over the next 3 years, are expected to make a decisive contribution to the further development of KRI-KRI's economic activity, which is also spreading to the local community.