GrowthPress Releases
Corinthia, April 23, 2024
Korinthian Foods, the largest regional Greek industrial catering company, recorded a strong financial performance in 2023, reinforcing its leading position in the industry as a leading and reliable partner for businesses, organisations and communities.
The positive financial results achieved last year reflect the positive financial performance of the Company’s continued upward trend in the Greek ready meals market, as well as in the supply of food and basic material assistance.
The Company’s Operating Turnover increased by 75% and amounted to €28.2 million against €16,1
million in 2022. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) amounted to €8.3 million compared to €3.5 million marking a significant increase of 136% in 2022. Profit before taxes increased by 158% to €7.8 million from € 3.0 million in 2022, while the Profit after tax increased by 157% to €5.9 million from €2.3 million for the same period of time.
“We are extremely pleased with our financial performance for 2023. Our upward trajectory is a result of our commitment to providing high quality products to our customers, both in the mass catering market and in the supply and catering sectors. We continue to invest in innovation and process improvement to maintain our position as one of the leaders in the industrial catering industry.”
On the balance sheet, total equity for 2023 amounted to €7.6 million.
an increase of 81% compared to the end of 2022. The improvement in liquidity was also significant
for the Company, with total cash and cash equivalents amounting to €4.1 million increased by 81%
compared to 2022 in the previous financial year. In addition, the Company has maintained its financial
robustness, with an equity/debt ratio of 90% and a current ratio of liquidity at 1.6x, as a result of efficient working capital management. The Company’s active contracts currently amount to 24.55 million. euros.
At the same time, at the General Meeting of Shareholders on 3 July 2023, it was decided to increase of the Company’s share capital by €600,000. The increase was covered in in full in cash from its sole shareholder Korinthian Foods, Mr. Ilias Kakogiannis.
For the fiscal year 2024, management’s estimates for the Company’s turnover are that the Company’s turnover will be at a level similar to the turnover of the 2023 financial year, through the renewal of the
existing contracts or the taking up of new projects and the signing of new contracts.
Commenting on the 2023 financial results, Ilias Kakogiannis , founder and CEO of Korinthian Foods said: “We are extremely pleased with our economic performance for 2023. Our upward trajectory is the result of our commitment to provide high quality products to our customers, both in the mass dinind market
, as well as in the supply and catering sectors. We continue to invest in innovation and improvement of our processes in order to maintain our position as one of the leaders in the industrial catering industry”.
Korinthian Foods, as part of its strategy, develops within its privately owned land – adjacent to its headquarters in Solomos, Corinthia – a new, state-of-the-art meal production unit which is expected to be completed in September 2024. The new plant will increase the company’s daily production capacity by six times, giving it the capacity to produce 90,000 portions per day compared to 15,000 portions today.
At the same time, it will streamline the process and rationalise costs, creating a benefit of %-18%. In addition, it will save costs both from operation and from its maintenance, will automate the production process and upgrade the quality of the product provided.
