KRI-KRI Milk Industry has released its financial statements for the first quarter 2018.

Turnover amounted €18.60m against €14.63m of 2017 (an increase of +27.1%).

Basic profitability measures were as follows:

-               Ebitda amounted €2.89m against €2.22m of 2017,

-               Profit before tax amounted €2.17m against €1.55m of 2017,

-               Net profit after tax amounted €1.57m against €1.14m of 2017.

In the yogurt market of Greece, KRI-KRI increased sales by +17.6% year-on-year. Key driver for this performance was the resent relaunch of the series of our strained yogurt products, with the support of a strong communication plan. In addition, we strengthened our position at the most dynamic product segments of functional yogurts and kids yogurts. Thus, KRI-KRI increased its market share in volume to 15.4%, in the first four months of 2018, maintaining the 2^nd position (IRI data, Apr. 2018).

Yogurt exports continue to present high growth (+39.8% year-on-year). The major Greek yogurt markets, of UK and Italy, appear particularly dynamic, whereas new markets (such as Ireland) contribute additionally to the growth of sales.

Finally, In the ice cream sector, where the first quarter is not representative of annual results due to high seasonality, domestic sales increased by +17.1% year-on-year. The expansion of sales network, coupled with new product launches, create expectations of high performance this year.