Papoutsanis recorded a significant improvement of 52% in profit after tax in the first quarter of 2024, while turnover in Q1 2024 amounted to 14.2 million compared to €15.3 million in Q1 2023, down by 7.2%.

However, gross profit increased by 18% and reached €5 million as opposed to €4.3 million in the corresponding period of 2023. A 19% strengthening of branded products was also recorded, while exports accounted for 58% of turnover.

The increase in profits is a result of the normalisation of material and energy prices and reduced income tax as a result of the completion of investment programmes, the statement said.

Turnover amounted to €14.2 million (compared to €15.3 million in the corresponding period of 2023), down 7.2%, with the value of exports accounting for 58% of total turnover.

For the year as a whole, turnover is expected to strengthen compared to 2023, particularly in the second half of 2024, when the new partnerships already being implemented will be in full swing. This strengthening will also have a further positive impact on the Company's profitability.

Profit after tax amounted to €0.7 million, improved by 52% (compared to €0.4 million in Q1 2023) thanks to an 18% improvement in gross profit, which amounted to €5 million compared to €4.3 million, as a consequence of the normalisation of material and energy prices compared to the same period last year.

Operating expenses (selling, administration, research and development) increased by 24%, mainly due to the ARKADI brand advertising, communication and promotion costs, which were planned for the first quarter of the year in order to support the major relaunch of the brand and its entry into new home care markets. ARKADI is looking forward to strong double-digit sales growth for 2024 and is already showing a 42% increase in sales in the first quarter. 

Contributing to the improvement in after-tax profits is the reduced income tax as a result of the completion of investment programs that provide for tax exemptions.

The completion of the strong investment plan (which, among other things, significantly expanded production capacity) has created the conditions for new partnerships.

Papoutsanis is currently negotiating with large multinationals and smaller companies for new projects that will further strengthen the development of its activity.

Regarding the contribution of the four business segments to the overall figures, it is noted that 27% of total revenues are derived from sales of Papoutsanis-branded products, 13% from sales to the hotel market, 42% from product production for third parties, and 18% from industrial sales of special soap mixes.