Papoutsanis: Increase in profits and turnover in the first quarter
Papoutsanis pre-tax profits increased by 46% to 1.1 million euros in the first quarter of 2022, while turnover amounted to 14.9 million euros, an increase of 45% compared to the first quarter of 2021. Profits after taxes amounted to 0.8 million euros compared to 0.5 million euros in the corresponding period of 2021, showing an improvement of 40%. Exports increased by 83% to 11.1 million euros, representing 74% of total turnover.
Overview of results
The significant increase in turnover is attributed to the partial restart of the hotel market in Greece and abroad, the doubling of sales of special soaps in the international market and the strengthening of the production for third parties.
According to the announcement of the listed company, the gross profit, positively affected by the sales growth by 45% and the reduction of the production costs, as a consequence of the investments implemented by Papoutsanis, amounted to 4.2 million euros against 3.0 million in corresponding period of 2021, improved by 42%. The gross profit margin decreased slightly and amounted to 28.2% compared to 28.7% in the first quarter of 2021, mainly affected by the increase in raw material and energy costs.
Earnings before taxes, financial, investment results and depreciation (EBITDA) amounted to 1.6 million euros compared to 1.2 million euros in the first quarter of 2021, an increase of 35%.
Earnings before taxes, financial, investment, extraordinary non-recurring results and depreciation (adjusted EBITDA) amounted to 2.0 million euros compared to 1.2 million euros in the first quarter of 2021, showing an improvement of 66%.
Profit before taxes amounted to 1.1 million euros, compared to 0.7 million euros in the quarter of 2021, while profits after taxes...