With a growth rate of around 25%, Terra Creta is expected to generate revenues of 40 million euros this year, essentially more than doubling its sales dynamics compared to 2021, the year in which it joined the Melissa Kikizas group.
The company, which intends to “reintroduce” Cretan olive oil to national and international consumers, is launching ten extra virgin olive oils on national shelves, which are lubricated within 12 hours.
“Our plans are long-term, we are not bottlers, we are producers. Our goal is to highlight the quality of Greek extra virgin olive oil in Greece and worldwide,” says the group’s CEO, Mr. Alexandros Kikizas, adding that “the launch on the Greek market has an element of romance. We have an obligation to help enhance the value of olive oil in the minds of consumers. Not just to consume olive oil, but to learn how to consume the right olive oil, to evaluate it. We want to make a difference there too. We are realistic. We do not think we are going to change everything in this category. We started from the field, from the fruit. We founded the Elias Academy following the model of the Sitou Academy. Returning to the field is what we like, it is in our DNA. We provide theoretical and practical knowledge. We brought modern technology to Crete for the first time in a structured way. We came to give this crop all the new data that can exist and I think that in the coming years we will see a lot of things in this field.”
Investments of 5 million euros over a three-year horizon
The company’s three-year development plan (2024-2026) foresees investments of 5 million euros, which include, among others, new temperature-controlled tanks, which will come into operation from September this year, and expansion of storage areas.
In terms of production potential, currently estimated at 4,500 tonnes, it is estimated that within two years an increase of around 50% to 6,000 tonnes will be achieved.
It should be noted that Terra Creta cooperates on contract cultivation terms with a group of 100 producers, while in total it cooperates with 600 Cretan olive producers.
In terms of size, the company closed 2023 with a turnover of around 32 million euros, reaching break even in terms of profitability. The inflationary effect on the value of sales last year was significant, given that in terms of sales volume there was a drop of around 10%.
The semester course is on the rise
For this year, however, as Mr. Kikizas reports in “N”, “the trajectory of the semester is upward in terms of volumes and value, despite the international situation of high olive oil prices. This year we expect turnover to reach 40 million euros while profitability will be recorded.”
Today, Terra Creta has a purely external character, with 97% of its turnover coming from external markets, the strongest being France and Germany. However, the aim of the new launches is for the Terra Creta brand to gain a strong presence in the national market for standardized extra virgin olive oil, which in organized retail “translates” into a market worth 125 million euros and 15.5 million liters.