FAGE is increasingly “moving away” from the Greek market, since quarter after quarter the “footprint” of our country in the sales of the Philippou family’s dairy industry is shrinking.
In the nine months of January – September 2024, a period in which the total sales of the company that made Greek yogurt known all over the world reached 564.3 million. dollars, the Greek market contributed only 57.5 million dollars, or 10.2%, as 89.8% of the turnover was made abroad and mainly in key markets such as the United States, the United Kingdom and Italy.
Outside of Greece, the increase in sales for FAGE
According to the financial results announced by FAGE, its turnover in the nine months of this year was increased by 18.2% compared to the corresponding period of 2023.
According to management, volume sales growth of 18.3% and a positive impact of 0.5% due to the depreciation of the US dollar against the euro and the British pound were the reasons contributing to the rise in turnover, which was partially offset by a 0.6% decrease in the average net selling price across all markets.
Value sales increased in the United Kingdom, the United States and Italy by 46.0%, 20.5% and 9.6% respectively, while there was a decrease in Greece by 0.8%.
Volume sales for the nine months ended September 30, 2024 were up 18.3% compared to the nine months ended September 30, 2023.
This increase came mainly from the United Kingdom, the United States and Italy, with sales volume increasing by 44.1%, 20.2% and 12.2% respectively. In Greece there was an increase in sales volume of only 0.3%.
In fact, during the third quarter of 2024, sales in volume saw a higher increase of 51.4%, 26.5%, 9.3% and 1.5% respectively in the United Kingdom, the United States, Italy and Greece.
Record earnings
In terms of profitability, FAGE’s gross profits in the January-September period amounted to 265.5 million. dollars, increased compared to last year by 41.5 million. dollars or by 18.5%.
Operating profit increased by 4.9% to 118.3 million. dollars, while pre-tax profits amounted to 116.4 million. dollars from 104.1 million dollars in the first nine months of 2023.
A significant increase was also recorded in net profits, as they amounted to 91.4 million. dollars against 80.8 million dollars last year.
Source: ot.gr
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Interviewer: Good day everyone! Welcome to another episode of World Today News, where we discuss the latest happenings in the world of business and finance. Today, we have two esteemed guests, Vasilio Philippou from FAGE and John Smith from a leading market research firm. We will be discussing FAGE’s recent financial performance and their strategy for global expansion, particularly their focus on the US and UK markets, while reducing their presence in the Greek market. Let’s begin with you, Vasilio. Can you tell us more about these trends and how they align with FAGE’s overall business strategy?
Vasilio: Thank you for having me on the show. It’s an honor to be here and discuss our company’s performance. As you mentioned, FAGE has been increasingly focusing on expanding our reach beyond the Greek market in recent years. We have seen tremendous growth potential in markets like the US and UK, where consumption of Greek yogurt has grown significantly. Our goal has always been to make high-quality dairy products accessible to consumers worldwide, and these markets represent an opportunity for us to achieve that. We are committed to continuous innovation and meeting the evolving needs of our customers.
John, do you agree with this strategy? Do you see any risks or challenges associated with it?
John: FAGE’s strategy seems to be paying off well. The Greek yogurt market has become quite saturated in Greece, and it makes sense for the company to focus on markets where they can grow their customer base. However, I do see some risks associated with it. Firstly, there’s the challenge of maintaining the quality of their product while scaling up production. Secondly, local competition might become more intense in these new markets, especially in the US and UK where there are already established players. How is FAGE planning to address these challenges?
Vasilio: Despite being a global brand, we remain committed to our roots and ensuring the quality of our products. We have invested heavily in our production facilities and supply chain to ensure that we can meet the demands of our growing customer base. As for the competition, we see it as an opportunity to innovate and differentiate ourselves from others in the market. We firmly believe that our focus on quality and authenticity will help us stand out. Moreover, we
