KRI-KRI Milk Industry SA has released its interim financial statements for the period ended 30.09.2024. Turnover amounted to €207.48m compared to €176.67m in 2023 (an increase of +17.4%).

Basic profitability measures were as follows:

• Gross profit amounted to €69.45m against €62.74m in 2023,
• EBITDA amounted to €43.72m against €41.54m in 2023,
• Profit before tax amounted to €40.06m against €37.84m in 2023,
• Net profit after tax amounted to €36.36m against €30.19m in 2023.

In the yogurt segment, total sales increased by +16.3% in value and +19.7% in volume. Export yogurt sales show a strong double-digit growth of +29.9%, exceeding €98m. With that growth, yogurt exports now make up 62.2% of total dairy sales. That strong boost in our export sales, contributed by the major markets of Italy and the UK as well as our entrance in new markets, such as France.

In the domestic Greek market, yogurt sales exceeded €59.6m, decreased by -0,8% in value, but increased by +5,4% in volume. That decrease in sales value was a result of our reduced prices aiming to support domistic consumers. As far as the market condition is concerned, the shift of consumers to private label yogurts continues, because of their choices for value-for-money products. As a result, private label yogurt market share increased by +0.9 p.p. in volume, reaching 35.9%, and therefore applying strong pressure on branded yogurts. That pressure has led KRI-KRI branded yogurts to a small market share loss (-1,2 percentage point in value), reaching 15,1% of market share and establishing our position as the second player in the market [Circana data (ex. IRI) in value, Jan.-Sep. 2024]. In general, KriKri seems to benefit from those market developments, since it is the largest producer of private label yogurts in the domestic market.

In the domestic ice cream market, our sales show a strong double-digit increase by +16,7% in value. The favorable weather conditions for the ice cream sales, the expansion of our sales network and the introduction of new ice cream products resulted in that double-digit growth figure. The increased inflow of tourists in Greece contributed to that growth figure as well. KRI-KRI’s market share increased by +0.1 p.p. in value (14.0%) and decreased by -1.2 p.p. in volume (11.7%) [NIELSEN, Jan.-Sep. 2024].

KRI-KRI continues to strengthen its social and economic footprint. Recently, the number of employees has increased, with 100 new hires. Thus, the total workforce has now reached 700 people. At the same time, the number of milk zone partners has increased, agreeing new partnerships with local farmers. Finally, the planned investments, totaling €50 million, for the next 3 years, are expected to contribute decisively to the further development of KRI-KRI's economic activity, which is also diffused to the local community.