Important sales growth and profitability decline due to the rising cost of raw materials and packaging materials, he wrote down Sarantis Group during fiscal year 2022. According to the financial statements, in the previous year, the group’s sales amounted to 445 million euros from 406.3 million euros, which means an increase of 9.6% in both value and sales. The group’s sales have grown across all the countries in which it operates, with skin care, sun protection, deodorants, trash bags, food packaging and nutritional supplements seeing significant demand over the previous year. In terms of sales structure, product sales in Greece amounted to EUR 148.2 million, up 3.8% compared to 2021, due, among other things, to increased demand for selective beauty products (known as brands).

The group’s subsidiaries account for 66.7% of the group’s total sales, up 12.7% to €296.8 million. As for profitability, last year it was strongly affected by the growing inflationconsequence and from Russian invasion of Ukraine. It is also noted that the contribution of ELCA Cosmetics was excluded from the financial results, since the group’s participation in joint venture with Estee Lauder was sold in June 2022, while the group’s Russian subsidiary was also divested after it was finally withdrawn from the Russian market in September. Thus, earnings before taxes, interest and amortization (EBITDA) decreased by 4.85% to 45.53 million euros in 2022 from 47.8 million euros in 2021, while the EBITDA margin was 10.23% in 2022 from 11.78% a year earlier. Net profit fell by 15.3% to 26.3 million euros in 2022, compared to 31 million euros in the previous year. Group sources see margins improving from 2023 as cost scale decompresses, also evident from the group’s first-quarter results. In terms of dividends, during 2022 the group paid a dividend of €10 million for the financial year 2021 (€0.143 per share) and the Board of Directors will propose to the 2023 Ordinary General Meeting the same dividend for the previous year.