Chitos SA, a member of the Green Beverages Group with more than 68 years of dynamic presence in the bottled water and soft drinks market, has published its financial performance for the year 2023.
Specifically, the turnover of CHITOS ABEE & ZIREIA MON. LTD amounted to €98.2 million, an increase of 24% compared to 2022.
According to a statement, this increase is the result of further market penetration as well as the integration of Green Cola Hellas and Green Cola Operations in August 2023, which contributed to the additional consolidation of foreign sales. The gross margin of both the company and the group recovered compared to the previous financial year, from 34.5% to 41.3%, while the group's total consolidated equity as of 31/12/2023 amounted to €27.9 million. It is noted that the group's adjusted EBITDA ended positive at €6.1 million in 2023 compared to negative EBITDA of €1.3 million in 2022.
CEO STATEMENT
Commenting on the financial results, George Venieris, CEO of Green Beverages Group, said: "2023 was an extremely dynamic year for Chitos with a significant increase in our turnover, while at the same time it marked the beginning of a new era for our company, following the successful integration of Green Cola Hellas and Green Cola Operations. Increased sales not only strengthen our presence but also open new avenues for development and innovative partnerships based on the high quality of our products. Our goal is to continue our strong growth path and to further strengthen our presence, both in the domestic market and internationally."
In May 2024, Chitos signed a €21 million financing program with the Recovery and Resilience Fund (RDF) and Piraeus Bank, securing a highly competitive interest rate and long-term repayment. The company aims to implement an investment plan of more than EUR 25 million, focusing on improving production efficiency and digital transformation. Completion of the plan is expected to lead to increased operating profitability by the end of 2025.
At the same time, Ziria Ltd., a wholly owned subsidiary of Chitos, is implementing a €3 million investment in its production facilities in Corinth, increasing the capacity of the Green Beverages Group to meet the needs of the high demand period.
According to the same announcement, Chitos aims to continue its successful commercial strategy in the domestic market, further strengthening its presence. At the same time, it is focusing on strengthening its export orientation, with particular emphasis on the Middle East and European markets, while seeking to improve production costs by accelerating planned investments.
For 2024, the company targets a turnover of more than €115 million, with a further strengthening of gross margin and an increase in EBITDA, forming a strong basis for sustainable growth and competitiveness at an international level. In addition, the Group is entering a new era by publishing the first Green Beverages Group Sustainability Report in 2024, taking into account the international sustainability standards GRI (GRI Standards). For the first time, the Group will conduct a double materiality assessment in accordance with the European Corporate Sustainability Reporting Directive (CSRD) and the relevant ESRS (European Sustainability Reporting Standards).The ultimate goal is that the benefits of its activity create added value for its people, society, and the environment.
At the same time, Green Cola is dynamically strengthening its presence in the European market, consolidating its position in strategic markets such as Germany, England, Spain, and the Balkans. In 2024, HITOS aims to further expand its distribution and enrich its codex while promoting the development of synergies abroad through its existing international presence for its entire codex. Significant emphasis is placed on its digital presence, focusing on its success on the Amazon platform, where it is experiencing rapid growth and impressive consumer acceptance in Western Europe, the UK, and Germany.
During 2023, Green Beverages Group established a strong presence in 14 countries in the Middle East, and in 2024, it entered into two new agreements in the UAE with Gulf International and in Saudi Arabia with Al Rabie, which will add further growth to the company in 2025-2026.
In the demanding and competitive US market, Green Beverages Group in 2023 focused on enhancing distribution efficiency to its key customers, mostly organized retail chains such as H-E-B-Market Basket and Target, as well as further strengthening its e-commerce presence through Amazon. The company's products are present in more than 3,000 retail outlets.
