Agrino's turnover reached EUR 43.6 million in 2023 compared to EUR 38.04 million in 2022, an increase of 14.6%. Operating as well as net profitability showed a significant increase as a result of strong growth in the rice-based finished goods category and the company's ever-improving management. In particular, EBITDA amounted to EUR 6.1 million and profit before tax to EUR 3.4 million.

Less so than product revaluations, the dynamic development of the category of ready-to-eat rice-based products and healthy snacks (rice snacks) was what drove the significant increase in the company's turnover. It is stressed that in rice in particular, overall for Greece, price growth rates were significantly lower than the European average. In addition, and in view of Agrino's policy of much lower price increases than the cost burdens, especially for raw materials, the overall product price increase in 2023 is clearly lower than the average national price increase in the sectors in which it operates.

In terms of nationwide market shares, in the main categories in which it operates, despite the moderate decline, Agrino maintains its leading position in rice by a wide margin from second place, while in pulses it is in second place.

A very positive development is the new Quick Deli ready-to-eat meal line that the company will launch at the end of 2022. Also, the relaunch of the "Greek Gourmet" range of semi-prepared meals with rice and rice dishes in new packaging that emphasizes the Greek origin of the ingredients was successfully completed. In the rice cakes category for 2023, the upward trend in sales and market share continued, showing improvement in all subcategories.

Noteworthy is the increase in the company's exports by 20%. The prospects are considered promising for concluding agreements in target countries, mainly in the EU and the US, with a focus on standard-branded rice and pulse products as well as in the snacks category.

In investments, the state-of-the-art grain receiving, drying and storage facility in Kleidi, Imathia, was commissioned in September 2023 during the rice threshing season. The largest investment program that Agrino has carried out in its 70-year history, totaling EUR 15 million, will have finished by the end of 2024. The design of the new five-year investment programme will be completed in the coming months, to be implemented in 2025.

On the occasion of the announcement of the financial results, Agrino CEO Anastasios Pistiolas said: "The company's sales momentum for 2024 continues at a steady growth rate. It is noted that in March 2024 Agrino entered the chip category with globally innovative products with Greek brown rice and legumes as raw material.

We look forward to an equally dynamic continuation, with a focus on the consumer and our commitment to high-quality products that meet modern market needs."