Papoutsanis: 24% turnover growth during the nine months of 2021
4 October 2021
24% turnover growth during the nine months of 2021
- Sales amounted to 38.2 million euro in the nine months of 2021, compared to 30.8 million euros in the corresponding period of 2020 – a 24% increase.
- The value of exports amounted to 22.5 million euro, representing 59% of total turnover, compared to 14.5 million euro in 2020 – a 55% growth.
The turnover of Papoutsanis SA is steadily growing. During the nine months of 2021, Papoutsanis achieved a turnover growth of 24%, compared to the corresponding period of 2020. More specifically, the total sales of Papoutsanis SA for this period amounted to 38.2 million euro, compared to 30.8 million euro in the corresponding period of 2020.
The main factors which contributed to turnover growth were the high performance of the company in the categories of branded products, excluding antiseptics, third party manufacturing and soap noodles sales. The partial recovery of the hotel market, both in Greece and abroad, also contributed to this direction.
It’s worth noting that the sales of Papoutsanis’ branded products in Greece and abroad represent 22% of total turnover, while hotel amenities contributed 11% of the total turnover of the company. Third party manufacturing represents 51% of total turnover, while soap noodles contributed to the sales of the company by 16%.
Papoutsanis SA exports amounted to 22.5 million euro in the nine months of 2021, which represent 59% of total turnover - 55% higher than the corresponding period last year.
Mr. Menelaos Tassopoulos, CEO of Papoutanis SA, stated: “The steady growth of Papoutsanis’ financial performance makes us optimistic for the company’s further development. Our emphasis on innovation, combined with the development of products with greater added value, the promotion of branded products and the continued investment in industrial equipment, R&D and Human Resources, already pay off. For the final quarter of 2021, it is estimated that we will achieve further growth compared to the corresponding quarter of 2020, thanks to new collaborations which are already underway and the improvement of the hotel market growth rates, in Greece and abroad. It is worth noting that the current situation, with the historically high shipping costs and the delivery delays from Asia, is in favour of our business in terms of hotel product sales and, even more so, soap noodles which are commodities traditionally served by Indonesia and Malaysia."
Overview by Business Segment
Branded products sales – excluding the sales of antiseptics- increased by 44% in the nine months of 2021, compared to the corresponding period of 2020 and by 2%, including antiseptics. It is noted that, in 2020, this category benefitted from increased antiseptic sales due to COVID-19.
During the nine months of 2021, this segment increased by 48% compared to the corresponding period of 2020. As the signs from the market, mainly foreign hotel markets, are positive, it is expected that the segment’s growth rate will further improve during the last quarter of 2021 as well as for the full year.
Third party products (Industrial Sales, Private label)
This segment increased by 27%, compared to the nine months of 2020. The improvement was mainly driven by the significant expansion of existing collaborations with large multinational companies for the manufacturing of their products. These collaborations are steadily advancing since their launch in 2019.
Industrial Soap Noodles
The soap noodles’ segment grew by 15%, mainly due to exports, as the company has been established as one of the main suppliers of soap noodles globally. The expansion of customer portfolio and the products range also attributed to the growth of the soap noodles segment. In addition, the launch of synthetic soap noodles, which are products with high added value and positive ecological footprint, is expected to further strengthen this category.