GrowthPress Releases
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.
