Royal Canin Hellas achieved a double-digit revenue growth rate this year, which last year broke the 20 million euros barrier in its sales, reinforcing its presence in the national market.
Pet food sales are strengthening despite the strong appreciation that the category has received and the national subsidiary of the French group Royal Canin SAS showed an increase of 12.45% in its sales in the first five months of 2024, continuing its trend of growth on the national shelf.
In more detail, with regard to last year’s performance, Royal Canin Hellas’ turnover last year recorded an increase of 7.8% compared to 2022, with revenues worth 20.6 million euros against 19, 18 million euros in 2022.
The company’s gross profit amounted to 11.8 million euros, registering an increase of 4.32% compared to 2022. After deducting administrative, disposal and other expenses and losses, pre-tax results of 3.4 million euros, which compare to 4.3 million euros in 2022.
Profit before taxes fell by 19.31% compared to the previous year and this – according to the company – is due to the 22.43% increase in administrative and distribution expenses. Thus, net profit decreased by around 21%, reaching 2.6 million euros, which compares with 3.3 million euros in 2022.
Distribution of 2.6 million euros
The decrease in profitability caused equity capital to fall by 18.66%, to 3.1 million euros. Despite the pressure on profitability, the dividend policy is maintained, which for the 2023 financial year resulted in a distribution of 2.6 million euros to the main shareholder, which compares with 3.3 million euros in the 2022 financial year. The company is shielded, as most of its accounts receivable are anticipated.
The company’s trajectory in the coming years should be safe and efficient. It should be noted that, based on the research company Circana, in 2023 in national organized retail, the turnover of the dog and cat food market amounted to a total of 131.2 million euros, of which 55.3 million euros relate to dog food and 75.9 million euros. euros for cat food. However, according to the German data collection platform Statista, revenues from the pet food market in Greece are estimated to reach 286.80 million euros in 2024.