Papoutsanis: 15,7% turnover growth during the first half of 2021

July 8,2021

Papoutsanis: 15,7% turnover growth during the first half of 2021

• Sales amounted to € 24.19 million in the first half of 2021, compared to € 20.92 million in the corresponding period of 2020.
• The exports value amounted to € 14.4 million, representing 60% of total turnover, compared to 50% in 2020.

The turnover of Papoutsanis SA is steadily growing, as during the first half of 2021 Papoutsanis achieved a turnover growth of 15,7%, compared to the corresponding period of 2020. More specifically, the total sales of Papoutsanis SA for this period, amounted to € 24.19 million, compared to € 20.92 million in the corresponding period of 2020.

This significant growth comes as a result of the company’s high performance on branded products, excluding antiseptics, third party manufacturing categories and soap noodles sales, which is used as raw material to produce solid soap.

Papoutsanis SA exports amounted to € 14.4 million in the first half of 2021, which represents 60% of total turnover, 38% higher than the corresponding number of 2020.

It’s worth noting that Papoutsanis’ branded products sales in Greece and abroad represent 23% of total turnover, while hotel amenities contributed 8% of the total turnover of the company. Third party manufacturing represents 54% of total turnover, while soap noodles contributed 15% to the sales of the company.

Overview by Business Segment

Branded Products

Branded products sales increased by 2,5% in the first half of 2021 compared to the corresponding period of 2020. However, in 2020, this segment benefited from the increased demand for personal hygiene products and antiseptics, as a result of the COVID-19 pandemic. Excluding antiseptics, branded product sales increased by 41% compared to the previous year.

Hotel Amenities

During the first half of 2021, this segment dropped by 5% compared to the corresponding period of 2020. It’s worthwhile to mention that during the current semester, 2/3 of sales were domestic sales and the rest were international, while in the first half of 2020 this ratio was reversed. However, bearing in mind the current domestic and international orders as well as new deals with international chain companies, which are only beginning to be implemented, it is estimated that this segment will increase by at least 60% compared to 2020.

Private label

Third party manufacturing - private label segment increased by 28% compared to the first half of 2020, mainly due to the significant expansion of existing co-operations with large, multinational companies (sales were increased by 69% compared to the first half of 2020). These co-operations are steadily advancing since their launch in 2019. It should be noted that in the first half of 2020, this category was also positively affected by antiseptic domestic sales.  It is estimated that the category will continue to perform positively for the rest of the year, as new projects with existing and new clients are already being implemented, and they are expected to produce results during the second half of the year.

Industrial Soap Noodles

Soap Noodles segment, mainly exports, grew by 15%, as the company established itself as one of the main suppliers of soap noodles universally. Growth is also to be attributed to the constant expansion of the clientele, as well as to the range of products offered. The parallel launch of synthetic soap noodles, which are products with reduced ecological footprint and great added value, is estimated to further strengthen this category.

Mr. Menelaos Tatsopoulos, CEO of Papoutanis SA, stated: «We are very pleased to have maintained the double-digit growth rates in the first half of 2021, as a proof of our strong developmental plan and effective business strategy. Although 2021 remains a volatile year, due to the continuing uncertainty caused by the pandemic and its negative impact on tourism, as well as price increases in raw materials, energy and transport, which form a challenging environment, we believe that we will continue to score high on growth rates, maintaining and further strengthening the company’s position in our fields of interest, in Greece and abroad. As we continue to implement our investment plan, sustainability, innovation and extroversion remain our top priorities, while focusing on developing new business initiatives, promoting our products and entering new product categories. Based on the new collaborations that are in progress, we estimate that we will achieve more than 20% growth in 2021, compared to last year».

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