Cree Cree’s profits are hit hard by the rapid growth in production costs, mainly energy costs and the cost of the main raw material – milk, as a result of which they will decrease by more than 50% during the first half of 2022. Significantly, in the first half of 2022, energy costs accounted for approximately 4.33% of Cree Cree’s total costs compared to 2.18% in the corresponding period last year. In terms of turnover, the company is showing double-digit growth, which is due, on the one hand, to the good performance of yoghurt sales abroad, the significant recovery in ice cream sales and, of course, the sale of products at higher prices. . However, the company has carried out three rounds of revaluations so far, with the last one applied for two months from August to September, revaluations which it itself justifies in a statement to the Athens Stock Exchange yesterday as necessary to restore its profit margins and expand them, as it believes that there are many opportunities in an emerging economic environment.

Thus, according to the financial results presented by Cree Cree yesterday, its turnover in the first half of 2022 was 83.38 million euros, compared to 70.23 million euros in the first half of 2021, recording an increase of 18.7%. Sales of dairy products based on yogurt grew in value terms by 17.3% to reach 61.2 million euros, while sales of ice cream increased in value terms by 21.2% to 21.66 million euros. Sales of Kri Kri dairy products increased by 14%, while the company’s exports increased by 23.2% in value terms and accounted for 45.8% of total sales. The increase in dairy sales recorded by Kri Kri is largely due to the export of yogurt, as well as the increase in sales of private label yogurt in the domestic market, since the Serrai dairy industry is the largest producer in this category. In general, according to the research company IRI, in January-June 2022, the domestic yogurt market decreased by 9.1% in volume and 2.9% in value.

Despite the increase in turnover by 18.7%, in the first half of the year the profitability of the dairy industry decreased by more than 50%.

However, when it comes to income, the picture is quite different. Gross margin was 22.3% compared to 35% in 2021, in particular for ice cream up to 44.2% up from 51.1% in 2021 and for dairy products up to 14.6% up from 30 % in 2021. The profit margin is mainly the result of a sharp increase in the prices of raw materials and energy, combined with a time lag in the revaluation of products. Profit before tax fell 59.7% to EUR 5.07 million from EUR 12.58 million in the first half of 2021, profit after tax to EUR 4.05 million from EUR 10.05 million, and operating profit decreased by 48.8% to 7.49 million euros. million euros.