Greek dairies: Sales exceeded 600 million euros

With its biggest competitors struggling to find their stride in recent years, as shown by yesterday’s announcement of the resignation of DELTA’s CEO and the losses reported by FAGE for the Greek market, Hellenic Dairies of the Sarantis brothers continues its growth course unabated while “egging” its profits. And this despite the “disruption” that the production suffered last year at the factory in Trikala for about a month when it was affected by the bad weather Daniel…

With brands such as Olympos, Rodopi, Agno, Kliafas, the company of brothers Takis and Michalis Sarantis, which in three decades has evolved from a cheese factory in Trikala to the country’s No.1 dairy industry, recorded significant performance in 2023, as the financial statements released to the public show. Performance that ‘sealed’ in a way the change of guard in the Group’s management, as last summer the two shareholders handed over the “steering wheel” of the Group to their children.

According to the financial statements, the Group’s turnover in 2023 amounted to 600.1 million euros, up 21.31% compared to 493.8 million euros in 2022. At the same time, adjusted EBITDA increased by 45.85%, reaching EUR 94.1 million, up from EUR 65 million, and profit after tax increased by 3.38%, reaching EUR 27.28 million, up from EUR 26.39 million.

In this context, the company in 2023 made a profit distribution of EUR 6 million, while a similar amount (EUR 5.99 million) has been proposed this year as an interim dividend.

“This increase reflects the Group’s strategic choices to continuously invest and grow outside Greece, while the acquisition of the subsidiary United Milk Company in Bulgaria also played an important role,” notes the financial report, which is signed by the first-born sons of the two shareholders, Stelios – of Takis – Sarantis and Stelios – of Michalis – Sarantis, who hold the positions of Chairman and CEO respectively.

As stated in the financial statements “The export orientation of the Group and the significant acquisition of the subsidiary United Milk Company in Bulgaria have led to the continuous increase in sales in recent years, resulting in 60% of both turnover and total EBITDA now coming from foreign markets, with a constantly expanding participation compared to sales in Greece”.

The Group now employs almost 2,000 staff (p.s. 1,947) from 1,569 in 2022.

The Group’s long-term loan liabilities amounted to EUR 298.4 million (EUR 216.2 million in 2022), while short-term loan liabilities amounted to EUR 141.3 million (EUR 99.35 million in 2022). “The increase in loans is mainly due to the Group’s investment plan,” the financial report notes.

It is noted that in March 2024, the company agreed in writing with Greek banks the terms of a new long-term bond loan with which it restructured most of its long-term debt and will finance the company’s general business needs, amounting to EUR 300 million. ALPHA BANK is appointed as the arranger and representative of the Bondholders.

Also in 2024, the subsidiary Olympus Foods Cyprus LTD signed a long-term loan agreement with the National Bank of Cyprus for €10 million.

It should be noted that the Group includes, apart from Hellenic Dairies SA, TYRAS S.A, OLYMPUS DAIRY UK LTD, OLYMPOS ΓΑΛΑΚΤΟΒΙΟΒΙΟΜΗΧΑΝIA ΛΑΡΙΣΗΣ, INDUSTRIE ΓΑΛΑKTOS ΞΑΝΘΗΣ A.E. ‘RODOPI’, TYRBUL S.A. (Bulgaria) S.C. FABRICA DE LAPTE BRASOV S.A. (Romania), OLYMPUS ITALIA Srl, OLYMPUS DAIRY DEUTSCHLAND GmbH, OLYMPUS FOODS d.o.o. Beograd, OLYMPUS FOODS TIRANA Sh.p.k., OLYMPUS FOODS DOOEL SKOPJE, HELLENIC DAIRIES NORDIC AB (Sweden, OLYMPUS FOODS FRANCE SARL, OLYMPUS FOODS CYPRUS, KLIAPHAS SA

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