Sta. 14.2 million euros Papoutsanis’ turnover increased in the first quarter of 2024, against 15.3 million euros in the same period of 2023, reduced by 7.2%, with the value of exports representing 58% of total turnover.
For the entire year, an increase in turnover is estimated compared to 2023, especially during the second half of 2024, when the new collaborations that are already being implemented will be in full swing. This support will even more positively affect the company’s profitability.
Significant 52% improvement in profit after tax
Profit after tax reached 0.7 million euros, an increase of 52% (vs 0.4 million euros in Q1 2023) thanks to an 18% increase in gross profit to 5 million euros vs 4.3 million euros, a consequence of the normalization of material and energy prices compared to the corresponding period last year.
O operational expenses (disposal, administration, research and development) increased 24%, mainly due to spending on advertising, communication and promotion of the ARKADI brand, which was scheduled 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 expects strong double-digit sales growth for 2024 and is already showing a 42% increase in revenue in the first quarter.
The reduction in income tax as a result of the completion of investment programs that provide tax exemptions also contributes to the improvement of after-tax profits.
The completion of the investment plan (which, among other things, significantly expanded production capacity) created the conditions for new collaborations.
It should be noted that Papoutsanis is in negotiations with large multinationals and small companies to new projects which will further enhance the development of your activity.
Regarding the contribution of the four sectors of activity to global values, it should be noted that 27% of total revenue comes from the sale of Papoutsani brand products, 13% from sales in the hotel market, 42% from the production of products for third parties and 18 % coming from industrial sales of special soap masses.