Comments on 9 months 2021 Results

KRI-KRI Milk Industry SA has released its interim financial statements for the period ended 30.09.2021. Turnover amounted €110.24m against €102.75m of 2020 (an increase of +7.3%).


Basic profitability measures were as follows:


  • Gross profit amounted €37.46m against €35.17m of 2020,
  • EBITDA amounted €22.29m against €21.38m of 2020,
  • Profit before tax amounted €19.04m against €18.52m of 2020,
  • Net profit after tax amounted €15.02m against €14.03m of 2020.


In the domestic ice-cream market, sales reached €24.14m from €21.03m [increase +14.8%]. This is mainly due to the release of lockdown, along with the high flows of tourists from abroad. Furthermore, the expansion of our sales network with the addition of 1.000 new points and the launch of new products, played an important role in this growth. Overall, our market share reached 15.9% increased by 0.9pp (NIELSEN data in value, August 2021).


In the yogurt sector, in Greece, our sales show a slight decrease of -1.2% reaching €37.9m. The yogurt market in Greece presents a marginal decline in volume terms (-0.4%) but more in value terms (-2.2%), compared to the last year. This is attributed to last year's high base, as well as to strong promotional campaigns. Thus, although we managed to maintain our market share, the value growth of our sales was marginally decreased, compared to last year. To address this situation, we are expanding our product portfolio in order to reach a wider consumers base. A recent example is the launch of new functional yogurts. Finally, with advertising and promotional campaigns we try to defend and further increase our market share. Branded yogurts market share reached 16.4%, increased compared to last year by 0.2 pp (IRI data in value, September 2021).


In overseas markets, sales continue with high growth (+12.6% year-on-year). Export yogurt sales increased by +9.8% year on year reaching €41m, which represents 52% of total yogurt sales.


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