KRI-KRI Milk Industry has released its financial statements for the first quarter 2021. Turnover amounted €28.56m against €27.45m of 2020 (an increase of +4.0%). Basic profitability measures were as follows:

  • Ebitda amounted €4.53m against €4.48m of 2020,
  • Profit before tax amounted €3.55m against €3.55m of 2020,
  • Net profit after tax amounted €2.82m against €2.67m of 2020.

In the ice cream sector, where the first quarter is not representative of annual results due to high seasonality, domestic sales increased to €3.4m from €2.4m in 2020 [increase of 40%]. In the current season, we expect strong recovery of ice-cream sales because of the release of the lockdown, along with the expected high flows of tourists from abroad. Besides, the expansion of sales network and the launch of new products are expected to facilitate the ice-cream sales rebound.

In the yogurt market of Greece, sales present a slight decline of -1.7%, reaching €12.1m. This is much explained by the current market situation, combined with last year's comparative figures, which were positively affected by the lockdown of March 2020. Branded yogurts market share stands at 16.0% (against 15.9% in q1-2020), maintaining the 2nd position (IRI data in value, Jan-Mar. 2021).

Total exports were increased by +7.3%. The value of yogurt exports exceeded €13m, which accounts 52% of yogurt sales.

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Kri-Kri Milk Industry SA published this content on 27 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2021 14:51:07 UTC.