Papoutsanis turnover up 45% in Q1 2022




4 April 2022


Papoutsanis turnover up 45% in Q1 2022



  • Sales amounted to €14.9 million in Q1 2022, up from €10.3 million for the same period in 2021.


  • The total value of exports amounted to €11.1 million, compared to €6.1 million last year, accounting for 74% of total turnover and up by 83% growth versus Q1 2021.


  • Sales to the hotel market are five times greater in the current quarter, compared to the same period last year.


  • Industrial sales of specialty soap bases abroad increased by 106%.


Papoutsanis SA has announced strong turnover growth in Q1 2022.


Specifically, turnover was up 45%, with sales coming in at €14.9 million, compared to €10.3 million for the same period in 2021. This significant increase in turnover is due to the partial recovery of the hotel sales in Greece and mainly abroad, as well as doubling of specialty soap bases exports and a boost in manufacturing for third parties.


The value of exports for Papoutsanis, one of the largest soap manufacturers in Europe, amounted to €11.1 million, compared to €6.1 million in Q1 2021, accounting for 74% of total turnover and increasing by 83%.


Regarding contribution of each business segment to overall sales, 16% of total revenues originate from Papoutsanis branded products in Greece and abroad, 18% from hotel amenities, 46% from third parties contract manufacturing, and 20% from industrial sales of specialty soap bases.


Overview by Business Segment


Branded products: Branded sales decreased marginally by 3% compared to a strong Q1 in 2021 coinciding with the Company's beginning to provide direct service to large retail chains. Moreover in Q1-22 there was an marked downtrend in the overall retail market relative to the same period last year. In the first two months of 2022, the markets in which Papoutsanis is active recorded an 8% decline, while the outlook for March is also negative. Papoutsanis has significantly grown its market share in product categories it is active in, making up for almost all of the decrease originating from shrinking consumer demand.  For Q2 based on current planning branded products are expected to recover strongly.


Hotel amenities: There was a significant rise in sales, compared to 2021. At the same period last year, this segment was at very low levels due to the pandemic, while this year, sales have seen a boost in Greece and mainly in foreign markets.


Third party manufacturing (industrial sales, private label products): Sales were up by 14% versus 2021. This increase was due to further strengthening of partnerships with multinationals for the manufacturing of their products, enhanced customer base and ongoing expansion of the product range offered by Papoutsanis.


Industrial sales of soap bases: This segment in 2022 increased by 106%, mainly due to exports. Above growth is the result of the Company’s established position as one of the key suppliers of specialty soap bases on the international market, its expanded customer base and continued efforts to further enhance the offered product range.  Moreover a new soap base production unit was completed and became operational in H2 2021, doubling the Company's production capacity in this line of products. At the same time, the launch of synthetic soap bases, which are highly specialized and environmentally friendly products, is expected to further boost this segment.


Mr. Menelaos Tassopoulos, CEO of Papoutsanis SA, said: “Despite the continuing disruptions caused by the impacts of the pandemic and the effect of geopolitical events, we nevertheless managed to realize a significant boost to our turnover in Q1 2022. Strong exports combined with significant increase in sales of hotel amenities and growth of industrial sales of soap bases further solidified Papoutsanis as a key player in the industry.  Additionally, rise of third-party products sales and enhancement of our branded products in retail with new and innovative items, such as the new Natura Advanced Protect liquid soap, have further improved our position. We are carrying on in line with our investment plan, targeting high returns for the full year.”