The importance of the Barba Stathis group’s asset for the parent group Vivartia has been confirmed once again, with 2023 performance maintaining an upward trajectory. Management’s forecasts for this year’s fiscal year are equally positive.
In more detail, according to the financial report data, at a consolidated level, sales in 2023 continued the upward trend of previous years, accelerating their growth with an increase of 8.7%, compared to 2022, reaching 223.3 million euros.
All functional areas of the Barba Stathis group recorded an increase in sales with a growth of 3.7% in frozen vegetables, 12.0% in frozen pasta and 2.3% in fresh salads.
Dominance in Frozen Vegetables – Where Share Has Grown
In frozen vegetables, the group maintained its leadership in terms of value at 54.4% and volume at 41.3%. In frozen pasta, the share increased to 18.1% in value and 14.5% in volume, and in fresh salads, the share increased to 11.6% in volume and the share remained at 12.6% in value.
Exports recorded a significant increase of 18.2% and now represent 32.9% of sales. It should be noted that the group is present in more than 46 markets.
Jump in profits
In terms of profitability, gross profit increased by 17.3% to 65.1 million euros and the gross profit margin was 29.2% compared to 27.0% in 2022, showing an increase due to the significant increase in external mass sales.
EBITDA amounted to 33.4 million euros, an increase of 16.4% compared to 2022. Profit before tax was 18.7 million euros compared to 17.1 million euros in 2022, showing an increase of 9.5%, as a result of the increase in frozen dough, mainly due to exports.
At the same time, the group’s total debt decreased by 2.5% to 124.8 million euros, as a result of the repayment of part of the bank loan.
2023 Investments and Acquisitions
Last year, the group’s investment plan for the expansion of its production infrastructure and optimization of its production process continued, making investments of 10.3 million euros that are part of the four-year plan (2020-2024) worth approximately 58 million euros, of which investments worth 23 million euros were included in subsidized development programs of the Greek State, whose subsidy is in the form of tax incentives or in cash.
In terms of dividends, 1,875 million euros were distributed in 2023. For 2023, the Board of Directors will not propose the distribution of dividends.
It should be noted that last year the acquisition of Halvatzis Makedoniki was completed and, at the same time, the merger of the two pasta companies was completed, with the absorption of ALESIS SA by M ARABATZIS SA.
The goals for this year
For this year, the group expects a further increase in its sales and operational profitability, through the implementation of its medium and long-term strategic plan, with key axes: maintaining and strengthening the leading position in all sectors of activity in Greece, accelerating the development of Makedoniki-Halvatzis ABEE sales and taking advantage of synergies in the distribution network, logistics, supplies, research and development, further developing export activity, optimizing the presence of products in retail trade, rationalizing and optimizing the operating model, maintaining the cultivated areas of the primary sector and continuing the broader action plan on circular economy and ESG issues.