Korinthian Foods: Sharing Love and Hope in our Community
With great pleasure and with a sense of responsibility towards our fellow people, Korinthian Foods delivered 225 kilos of long-life food to the Food and Clothing Bank of I. ” on July 29, 2024.
This contribution reflects our ongoing commitment to supporting and strengthening the local community, an important goal for all of us, and especially for the President and Managing Director of Korinthian Foods, Mr. Ilias Kakogiannis.
Fr. Arcadios Rajni expressed his gratitude for this act of love which is of great importance for people in need.
Dedicated to providing not only high quality products but also meaningful support to our fellow human beings, we recognize love and solidarity as the core of our values.
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.
IMPORTANT NOTICE – DISCLAIMER
It is not the intention of the Company to provide in this press release and no one should rely on this information as providing a complete or comprehensive analysis of the Company’s financial or trading position or prospects. No representation or warranty is made, express or implied, as to the fairness, accuracy, plausibility or completeness of the information contained herein and no one should rely on it. Any investment decision should be made solely on the basis of the information contained in the prospectus, which will be published by the Company in due course. Statements contained herein relating to current activities should not be construed as if they were intended to be forward-looking statements. Any forward-looking statements relate to or are based on the current intentions, beliefs or expectations of the Company’s management regarding, among other things, the prospects, growth, strategies or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that may result in actual results or future conditions that differ materially from those expressed or implied by any forward-looking statements. These risks, uncertainties and assumptions may adversely affect the outcome and financial consequences of the plans or events described in the statements. The information contained herein is subject to change without notice. We undertake no obligation to update or revise any statement, whether as a result of new information, future events or for any other reason.
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.
“We started in 2004. Two people. With many dreams and great ignorance. Every day we were trying to learn, to evolve. We tried to listen to the market and its needs. To adapt and improve. We were trying to change. We have kept only two axes unchanged. Honesty in our work and sincere concern for our people.
Looking back, I feel proud of what we have achieved, but mostly in awe of the journey. We started with 2 people and today we are 130. Three of them have been with us from the beginning. That’s why we changed our name to Korinthian Foods, which reflects our breadth of activities, momentum and evolution.” Elias Kakoyannis, founder and CEO of Korinthian Foods, said in his speech.
It is noted that, utilizing its 20 years of experience and know-how in covering feeding and food supply needs, Korinthian Foods cooperates with several Municipalities and Regions throughout Greece for the supply of food and raw materials to Social Grocery Stores and Nursery Schools.
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.
“I would like to thank the Municipality of Korydallos for the trust they have placed in Korinthian Foods. Providing high quality food to vulnerable social groups is a key priority for us. We have long experience and expertise in implementing diverse and challenging projects, having successfully completed food distributions in numerous regional units across Greece. In this context, we ensure the smooth and uninterrupted service of all beneficiaries at the distribution points, recognizing the vital importance of our cooperation for the beneficiaries concerned.”
It is noted that, utilizing its 20 years of experience and know-how in covering feeding and food supply needs, Korinthian Foods cooperates with several Municipalities and Regions throughout Greece for the supply of food and raw materials to Social Grocery Stores and Nursery Schools.
Korinthian Foods is proud to announce its certification as a “Great Place to Work“. This is an important distinction, coming from Great Place to Work®, which has over 30 years of experience and is present in 70 countries, having gained the trust of thousands of companies seeking to create a positive working environment.
Every year, 10,000 companies from around the world trust Great Place to Work® research tools to explore and assess their working environment, and claim the international certification that ranks them among the top employers in their market.
The certification of Korinthian Foods by Great Place to Work Hellas came as a result of a methodical and thorough assessment, based primarily on the direct, anonymous and confidential evaluation of the company’s employees on their experience in the environment in which they work. The active participation of Korinthian Foods employees in the survey highlighted their satisfaction and loyalty to the company, thus contributing to the award.
As Marianna Nikolaou, HR Manager of Korinthian Foods has stated”This award is another confirmation of the high quality of the working environment at Korinthian Foods, but also a promise for the future. We pledge to continue to support with the same passion and dedication a working environment where every voice is heard, every initiative is encouraged and every success is celebrated. We thank the entire Korinthian Foods family for their great contribution to this very important distinction, as their methodical work and dedication to creating a positive work environment has made our company a ‘Great Place to Work’.”
We thank the entire Korinthian Foods family for their great contribution to this important distinction. Their methodical work and dedication to creating a positive work environment has lead to Korinthian Foods recognition as a “Great Place to Work”.
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.
“This important investment, worth a total of more than 7 million euros, is a major milestone for Korinthian Foods, since it marks the successful completion of two decades of company’s operation. It is part of Korinthian Foods’ long-term growth strategy, as it will allow us to expand our footprint in the Greek market and exploit opportunities to enter new markets,
such as the market of tourism”.
Today, Korinthian Foods produces and distributes 15,000 ready meals daily, covering the nutritional needs of large organizations, such as educational institutions and schools, central government agencies, hospitals, refugee shelters, etc. It also cooperates with many Municipalities and Regions throughout Greece for the supply of food and raw materials to Social Groceries and day care centers, while it also participates as a Contractor in the Operational Program of Food Aid & Basic Material Assistance of the European Union’s European Assistance Fund (FEAD).
The new industrial facilities, located in the company’s own premises in Solomos, Corinthia, covering an area of 10,000 sq.m., have a total area of 3,600 sq.m. and include a central logistics center of 1,100 sq.m. and a production unit of 1,100 sq.m., thus providing the necessary infrastructure for the efficient production and distribution of Korinthian Foods’ products. In addition, they have an office space of 800 sqm for the smooth operation of the company’s administrative functions, as well as a 600 sqm mechanical equipment building, which houses the necessary technological infrastructure.
According to the company’s design, the construction work and the installation of the state-of-the-art equipment is expected to be completed in September 2024, when the the production unit becomes fully operational. The new plant will enable production of 90,000 pieces of ready meals per day, doubling the current production capacity. The existing plant will remain in reserve and will be put into operation if and when necessary due to increased demand, increasing the possibility of production at 105,000 portions per day. At the same time, in addition to the production department, the new the plant will have state-of-the-art and secure storage facilities for the raw materials used for the production of meals, while it will also host the new offices of the administration offices.
The new Korinthian Foods plant automates the production process, features standard Industry 4.0 technologies, such as IoT (internet of things) for real-time data collection and analysis in production, in order to increase efficiency. The operation of the new plant significantly enhances the company’s competitiveness, as the annual benefit from the modernization of production and cost structure is estimated at 15% –
18%, while costs are also saved from its maintenance.
At the same time, the quality of the product provided is upgraded.
The new Korinthian Foods facility incorporates sustainable natural resource management practices that significantly reduce the environmental footprint of its operations.
Remaining true to its commitment to sustainable operations, and to reinforce its green identity, Korinthian Foods will expand its photovoltaic systems to cover almost all of the energy needs of the new production facility.
This ‘green’ approach is expected to save around 630kWh per day, resulting in a reduction of
the company’s environmental footprint by 20%.
In addition to Corinthia, Korinthian Foods has a fully equipped production plant in Kokilia, Kokolata Argostoli in Kefalonia. Furthermore, it has expanded its operations and maintains storage and distribution centres for food and basic material assistance items in various locations throughout Greece. In particular, it has a fully equipped storage area of 1,000 m² in Tripoli, which operates as a storage and distribution centre.
distribution for the Peloponnese region and includes cooling chambers. To serve the distribution needs in the regions of Western Greece, Ionian Islands and Epirus, the company has a 3,000 sq.m. warehouse in VI.PE. For the storage and distribution needs in the Region of Crete, the company operates a fully equipped and modern warehouse of 1,600 m² in Heraklion on behalf of the company.
About Korinthian Foods