Having closed 2023 with a positive growth rate, The Mart, the wholesale arm of the Hellenic Hypermarkets Sklavenitis group, continues this year to claim a greater market share by promoting investments of 40 million euros.
Last year’s performance at The Mart is an indicative sample of the EYS group’s global path to 2023, a year for which the financial report has not yet been published, where turnover is estimated to be close to 5 billion euros.
As for this year’s financial year, information regarding the course of the first half of 2024 indicates that the Sklavenitis group maintains the significant distance it has in relation to the other players in organized retail, recording revenue growth rates higher than all chains. It is estimated that throughout the year the market will see growth of between 2% and 3% in revenues from basic consumer goods, with the main player in the sector once again recording higher speeds. It is worth noting, however, that 2024 is estimated to be a year in which the dynamics of each chain will be better visualized, as a strong containment of shelf inflation is expected, with the result that revenue growth will no longer be purely inflationary.
The organized wholesale channel
As regards the organised wholesale channel, the EYS group continues this year with targeted expansion of its dynamics, continuing with investments of 40 million euros relating to the start of construction of a new store in Kalamata, the progress of the construction of a Distribution Centre in Tavros, Attica with a total area of approximately 22,000 m2, which will be completed in 2025, the modernisation of IT equipment and the completion of the replacement of refrigeration facilities.
Management estimates for 2024 are that satisfactory profitability will be maintained, despite a significant increase mainly in personnel costs, following the expected additional improvement in market share.
Investments in modern refrigeration and photovoltaic energy facilities
It should be noted that in 2023 The Mart network had 13 branches (Kifissos, Pallini, Argyroupoli in Attica, Patras, Heraklion in Crete, Volos, Egnatia in Thessaloniki, Ionia in Thessaloniki, Xanthi, Larissa, Chania in Crete, Kalamata and Ioannina). In 2023, the new Distribution Center in Tripoli started its operation in private premises of 3,200 m2.
At the same time, investments continued in modern refrigeration facilities and the installation of photovoltaic energy was launched in almost all stores, with completion scheduled for 2024. Total investments in 2023 for the construction of a new Distribution Center, store renovations, refrigeration installations and IT equipment amounted to around 10 million euros.
“During the year 2023, the development of the tourism market positively affected the company’s operation, which, combined with the adoption of a competitive commercial policy, led to a significant improvement in market share, points out the company’s management in the financial report of the last year.
The economic numbers
In particular, with regard to the 2023 performance of The Mart Cash & Carry, turnover amounted to 432.1 million euros, up 6.1% compared to 407.1 million euros in 2022. In terms of profitability, EBITDA showed an increase of 12.7% to 25.6 million euros, while profit before tax amounted to 14.3 million euros, up 2.1% compared to 2022.
Profit after tax amounted to 11.1 million euros against 10.8 million euros, an increase of 2.7% compared to 2022. Long-term liabilities at the end of the year under review amounted to 97.8 million euros.
For the year 2023, the board of directors will not propose the distribution of dividends. It should be noted that in 2023, the company’s staff amounted to 1,691 workers and daily wage earners, with the total amount relating to wages and employer contributions amounting to 35.5 million euros.