In 2023, for another yr, Palamidis D. Sons D. Teloni and Co. SA of Manufacturing and Buying and selling of Confectionery Merchandise achieved a “mundane” revenue that even the nation’s largest meals industries would envy. And if the title of the corporate would not let you know something, its merchandise have actually “sweetened” your thoughts, with the galaktobourek being probably the most emblematic.
In its 63 years, the corporate that controls the 6 confectionery retailers with the “Cosmic“, all in Athens, is among the few that has managed to establish its model with the class of syrupy desserts, notably beloved by Greeks.
The unbelievable earnings of the “Cosmicon” chain
The… sweetness of its monetary efficiency is revealed by the corporate’s steadiness sheet for 2023, which was printed yesterday in GEMI.
In additional element, the online gross sales of the “Cosmicon” chain elevated final yr by 15%, reaching 10.72 million euros, in comparison with 9.32 million euros in 2022. A rise that, based on the corporate’s administration, is attributed to the standard and coordinated communication plan with prospects.
Gross outcomes amounted to five.48 million euros in 2023, a rise of 17.20% in comparison with 2022, whereas the corporate’s EBITDA amounted to 2.52 million euros in comparison with 2.08 million euros within the earlier monetary yr, presenting double digit proportion change of 21.23%.
Web – after tax – earnings of the corporate, which continues to be managed by the households of its founders Leonidas Palamidis and Dimitris Telonis, amounted to 1.829 million euros from 1.473 million euros in 2022, recording a rise of 24.16% .
With out borrowing, the corporate’s fairness in 2023 amounted to 4,723,451 euros, with firm capital amounting to 2,124,129 euros, whereas within the earlier fiscal yr of 2022, fairness was within the quantity of 4,329,404 euros, with firm capital amounting to within the quantity of two,124,129 euros.
Making an allowance for the monetary outcomes and the final efficiency of the corporate and its passable capital place and adequacy, the proposal of the Board of Administrators is to distribute to the shareholders a dividend of a complete quantity of 1,700,000 euros from the online earnings after taxes of the yr 2023.
The prospects
With Thanasis Telonis, son of Dimitris, on the helm of the chain for a number of years, who holds the place of managing director, the administration sees the present yr with average optimism and expects a stabilizing course for the corporate because of the worldwide local weather of instability and uncertainty and elevated competitors.
“The corporate operates in a extremely aggressive setting and intently screens developments within the trade and the traits set by opponents in services. It is going to attempt to benefit from its acquired expertise with a view to obtain a rise/upkeep of market share and improve its gross sales and profitability for the present yr, the primary goal of the corporate is to develop gross sales in new markets, by progressive companies and items to previous and new prospects”, it’s sometimes talked about within the monetary statements.
Candy story of 63 years
Utilizing contemporary substances and handmade foil, two mates, one from Ilia and the opposite from Arcadia, made the primary galaktoburekos “Kosmikon” in September 1961 within the store subsequent to the electrical station in Agios Nikolaos.
A decade later the wandering of the 2 companions on this planet of sweets has already borne fruit and their galaktoboureko will develop into well-known not solely among the many Athenians but in addition in Omogenia.
In 1977, the standard ice cream of the day with contemporary milk will broaden the candy menu of the patisserie, whereas progressively within the 80s the vary of “teased” syrup drinkers will develop, with the galaktobourek with kadaifi leaf.
In 1997, the second retailer will likely be opened in Agios Eleftherios, whereas six years later, the third will likely be opened, in Paleo Faliro.
The fourth retailer, in Ag. Friday, it is going to be inaugurated in 2011 and two years later it is going to comply with that of Glyfada. The sixth retailer was opened in 2017 at Ag. Marina, in Aegaleo.
The corporate at present has 120 staff in its workshops and shops and 200 suppliers.
As for the key recipe that produces unbelievable earnings, how about investing within the product itself!
Supply: OT
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