Corinthia, June 3rd 2024 – “KORINTHIAN FOODS S.A.” (Korinthian Foods, or the “Company”), a Greek industrial catering company, announces that it has taken a corporate decision to list its shares on the Main Market of the Regulated Market of the Athens Stock Exchange (“RA”). The listing, if successful, will mark a new chapter for the industrial catering sector, as Korinthian Foods will be the first Company in the sector to be listed on the ASE.

Ilias Kakogiannis, Founder and CEO of Korinthian Foods said, “The prospect of listing is a significant milestone for Korinthian Foods, marking a new era for our industry. The participation of a broader group of investors, the exposure to the capital market and the opportunities arising from its utilization are expected to further enhance the Company’s growth and expansion, adding new possibilities to its financial performance and prospects. At the same time, it will lead the Company into an environment of enhanced corporate governance with direct benefits in terms of functionality and transparency. I am particularly proud of my team, whose dedication, experience and teamwork have led Korinthian Foods to today and we are ready to write the next chapter in our Company’s history with optimism for the future.”

About Korinthian Foods. Korinthian Foods was founded in 2004 in Solomos, Corinthia. It has been operating for two decades in the industrial catering sector, offering integrated catering services on a large scale, emphasizing the use of local and Greek products of high nutritional value. It employs more than 130 employees and maintains a wide distribution network covering all of Greece, offering daily feeding solutions to tens of thousands of people. In addition, it has recently received the “Great Place to Work®” certification, confirming its strong and steadfast commitment to a work environment that puts people first, operates with respect and offers equal and continuous opportunities for growth and development for its employees.

Client list and partnerships. Korinthian Foods maintains a wide clientele in several cities and islands of Greece, covering a wide range of food supply and feeding needs of thousands of people in educational institutions, companies and industrial units, various central administration bodies and military units, as well as other places where mass catering needs arise.
Specifically, it cooperates with educational institutions, such as the University of Peloponnese, the Ionian University, etc., serving more than 5,000 students and educational staff daily through their daily feeding and canteen management. In addition, it has leased and operates a restaurant-canteen within the Nursing Foundation of the Army Pension Fund (NIMITS), as well as the canteens of the General Hospital of Filiatra and Igoumenitsa Accident and Emergency Unit. At the same time, it supplies public institutions and legal entities with food and grocery items, also covering their needs in basic material assistance items. In addition, it undertakes the management of food in Open Accommodation Facilities for Refugees and Migrants, as well as in individual facilities under the supervision of the International Organization for Migration (IOM).

Also, years of experience and know-how allow Korinthian Foods to participate in tenders of the European Relief Fund for the Needy (EFA). Specifically, through the Operational Programme for Food and Basic Material Assistance of TEBA, the Company has undertaken the supply and distribution of food and basic material assistance items to several Municipalities and Regions throughout Greece.
Facilities & Capacity. In order to be able to serve the needs of its customers, Korinthian Foods has a central production unit in Solomos, Corinthia, designed according to the specifications imposed by European and Greek legislation, as well as modern and safe storage areas for raw materials. In addition, the Company has a fully equipped production unit in Kefalonia.

At the same time, a new, modern meal production unit is being constructed at Korinthian Foods’ headquarters in Solomos, Corinthia, on a 10,000 sqm privately owned site, which is expected to be operational by the end of 2024. The new facility will enable the production of 90,000 pieces of ready meals per day, doubling the current production capacity, while achieving a quality upgrade of the product provided. The existing plant will remain a back-up and will be brought into operation if and when necessary due to increased demand, increasing the production capacity to 105,000 portions per day. At the same time, in addition to the production department, the new unit will have modern and secure storage areas for the raw materials used for the production of meals, and will also house the new management offices.

Activity covering the whole country. Korinthian Foods has expanded its activity and maintains storage and distribution centres for food and basic material assistance items in various locations throughout Greece. In particular, the Company has a fully equipped 1,000 sq.m. warehouse in Tripoli, which operates as a storage and distribution center for the Peloponnese region and includes cold storage rooms. To serve the distribution needs in the regions of Western Greece, Ionian Islands and Epirus, the Company has a 2,760 sq.m. warehouse in Bi.PE. In order to serve the storage and distribution needs in the Region of Crete, the Company periodically operates a fully equipped and modern warehouse of 1,600 sq.m.

Sizes. During its 20-year history, Korinthian Foods has achieved steady growth and profitability. In 2023, the Company experienced significant growth, as its Operating Turnover reached €28.2 million, while Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) reached €8.3 million, recording a significant increase of 136% compared to FY 2022.

Korinthian Foods celebrated the 20th anniversary of the company’s founding and its entry into a new era of growth with a glittering event at its premises in Solomos, Corinthia.

The event was focused on the people of the company, with the awarding of employees who have completed two decades of cooperation with Korinthian Foods this year. The awarded employees received leisure trips as gifts, in recognition of their contribution to the development and the establishment of the company over the years.

During the event, the new name of the company was presented as well as its new corporate identity. In his speech, the General Μanager, Mr. Athanasios Douros, presented financial data that reflect the remarkable growth of the company, with the most impressive being the more than quintupling of turnover from €5.5 million to €5.5 million. in 2019 at €28.21 million. in 2023. Similarly, the EBITDA ratio from €0.70m in 2019, reached €8.34m for the last financial year.

Among the important reasons for celebration is the company’s certification as a “Great Place to Work”, a few days ago, by the internationally recognized body. The active participation of Korinthian Foods employees in the survey highlighted their satisfaction and loyalty to the company, thus contributing to the award.

Korinthia, May 09, 2024 – Korinthian Foods, the largest regional Greek industrial catering company, has signed a contract, with a total budget of €1.12 million, with the Municipality of Korydallos.

The project covers the years 2024-2025 and aims to support vulnerable social groups and the needy through the provision of food to municipal day care centres, the Social Kitchen, the Social Grocery, the basic goods supply structure and the day care centre for the elderly of the Municipality of Korydallos. It covers a wide range of food categories such as bakery & confectionery, frozen products, butchery, fruit and grocery, and olive oil. Food distributions have already begun and it is estimated that they will cover on a daily basis the nutritional needs of thousands of Korydallos citizens.

Korinthian Foods, the largest regional Greek industrial catering company offering reliable solutions in supply of food & raw materials and mass dining, is building a new state-of-the-art meal production unit in Solomos, Corinthia. The new facility will increase the company’s daily production capacity by six times, allowing it to respond efficiently to the growing demand for its products while achieving a quality upgrade.