Although the much-desired overall change of the country’s production model is still “baking”, some traditional industrialists, such as for example the “tough but fair” – as she describes herself – Ioanna Papadopoulou, are “fermenting” investments and creating jobs despite the demanding challenges of multiple crises.
EI Papadopoulos S.A., known to everyone as Papadopoulos Biscuits, “continues to implement the investment program, which aims at the continuous modernization of its production equipment and infrastructure”, as stated by the management in the financial report of the century-old company for the 2023 fiscal year, which was made public yesterday.
New production lines and 117 new hires
With an increased turnover to 233.7 million euros (+8.15% compared to 2022 when the revenue was 216.1 million euros) achieved by the upward trend recorded by the volumes, as the company chose to maintain stable price lists for throughout the year, EI Papadopoulos commissioned the new bread production line in Oinophyta in the second half of last year.
“This is a significant investment that creates a new perspective for the company, fully in line with our values and the continuous effort to improve our environmental performance,” the financial report says.
The new investment, which enabled the company to double its production in the bread category, was originally scheduled for the fall of 2022, however due to the disruption of the supply chain (including lack of resources and materials from suppliers) the schedule fell behind, resulting in the required funds exceeding the budgeted amount of 35 million euros.
In terms of investments, the company has submitted investment plans to Law 4399/2016 for a total amount of 46,267,099 euros, of which it had implemented investments of 42.8 million euros until December 31, 2023.
In any case, the operation of the new unit resulted in an increase of the employed personnel of the industry by approximately 8%, to 1,607 people against 1,490 people in 2022.
The sacrifice of profits
Ioanna Papadopoulou, president & managing director of EI Papadopoulos S.A.
As regards the profitability picture, gross profit increased by 6.8%, to 99.2 million euros, while disposal costs showed an increase of 8.5%, to 74 million euros.
Pre-tax profits in the 2023 financial year amounted to 11.4 million euros compared to 11.8 million euros in 2022, marking a decrease of 3.38%.
Net profits after taxes recorded a decrease of 11.8%, to 10.2 million euros compared to 11.5 million euros in the previous year, mainly affected by the increased income tax compared to 2022, which in 2023 amounted to 1 .2 million euros, when in the previous year it ranged to 272 thousand euros, while it also reflects the increased prices of raw materials and energy that continue to affect businesses. In 2023, the cost of raw materials for the company increased by 13.28%.
Short-term liabilities amounted to 58,141,675 euros at the end of 2023 compared to 56,521,644 euros at the end of 2022.
As far as the dividend policy is concerned, by decision of the management no dividend will be paid to the shareholders for the year 2023 either, as happened in 2022.
Presence in 69 countries abroad
In the international markets, and within the framework of the strategy of the last years, the company strengthened its international presence by entering new markets and thus raising to 69 the countries in which it has currently expanded its activities.
Source: ot.gr
#Papadopoulou #Cookies #sacrifice #profitability #favor #jobs
