KRI-KRI Milk Industry has released its interim financial statements for the first semester 2020.

Turnover amounted €65.92m against €57.40m of H1 2019 (an increase of +14.8%). Basic profitability measures were as follows:

-  Gross profit amounted €22.76m against €22.40m of H1 2019,

-  Ebitda amounted €13.80m against €12.23m of H1 2019,

-  Profit before tax amounted €11.94m against €10.50m of H1 2019,

-  Net profit after tax amounted €9.08m against €7.64m of H1 2019.

In the domestic ice-cream market, sales reached €12.18m from €12.84m in H1 2019. The Greek ice cream market was hit hard from the lockdown, in response to COVID-19 pandemic. The period that followed presented clear signs of quick recovery, with sales presenting only a slight decline of -5%. Overall, our market share reached 14.1% (NIELSEN data in volume, June 2020).

In the yogurt market of Greece, sales amounted €25.40m, increased by +16.3%. This performance can be attributed to the 5.2% increase of the market size, the strengthening of our branded yogurts market share, as well as the increase in sales of private label products. Branded yogurts market share reached 16.6%, maintaining the 2nd position (IRI data in volume, June 2020).

In overseas markets, yogurt exports continue surging (+29.7% year-on-year). Export sales account for more than €24.9 m, which represents 50% of total yogurt sales.

Finally, total CAPEX in plant, machinery and buildings reached €5.7m in H1-2020. Despite the difficult situation caused by the COVID-19 pandemic, KRI-KRI's healthy balance sheet and high liquidity allows the seamless implementation of our CAPEX plan.