Papoutsanis' profits for the nine-month period rose by 41%, the company announced, recording a profit after tax of €3.9 million.

Turnover reached €49.6 million euros, while EBITDA was also up at €8.1 million euros, up 21% compared to the same period last year.

OVERVIEW

Turnover amounted to €49.6 million (vs. EUR 47.4 million in the corresponding period of 2023), an increase of 5%, with the value of exports representing 53% of total turnover.

Regarding the contribution of the four business segments to the overall figures, it is noted that 30% of the total revenue comes from sales of Papoutsani's branded products, 18% from sales to the hotel market, 36% from the production of products for third parties and 16% from industrial sales of special soap mixes.

The completion of the strong investment plan of the last few years has created the necessary free capacity (approximately 50% on average) setting the right conditions for new partnerships. The Company is currently negotiating with large multinationals and smaller companies for new projects that will further boost turnover and profitability, and new projects have already been agreed with existing customers that will boost turnover in the coming year.

Gross profit amounted to €18.6 million compared to €15.6 million, an improvement of 19% thanks to the greater contribution of branded products in the retail and hotel market to total turnover. Gross margin was 37.6% versus 33%.

Operating expenses (selling, administration, research and development) amounted to €12.7 million compared to EUR 11 million in the first nine months of 2023, up 15%, mainly due to advertising, communication and promotion expenses for branded products which show strong growth of 14%.

Profit after tax amounted to €3.9 million, an improvement of 41% (compared to EUR 2.8 million in the first nine months of 2023). Lower income tax as a result of the completion of investment projects offering tax exemptions was another factor driving the improvement in profit after tax.