Papoutsanis turnover up 39% in the first half of 2022

05-07-2022

PRESS RELEASE

 

July 5th, 2022

  

 

 

Papoutsanis turnover up 39% in the first half of 2022

 

  • Revenue was up 39%, with sales coming in at €33.6 million, compared to €24.2 million for the same 2021 period.
  • Exports amounted to €22.2 million vs €14.4 million last year, up by 54% and accounting for 66% of total sales.
  • Sales in Greece increased by 16%.
  • There was also a significantly positive impact from the recovery of the hotel market in Greece and abroad and the high performance in international sales of specialty soap bases and third-party  manufacturing.

 

 

Papoutsanis S.A. has announced strong revenue growth for the first half of 2022.

 

Specifically, turnover was up 39%, with sales coming in at €33.6 million, compared to €24.2 million for the same period in 2021. This significant increase in turnover is due to the recovery of the hotel sales in Greece and abroad and the high performance of sales of specialty soap bases abroad and manufacturing for third parties.  

 

The value of exports for Papoutsanis amounted to €22.2 million, compared to €14.4 million in the first half of 2021, making up 66% of total turnover a growth of 54%.

 

Allocation of sales per business segment is as follows: 15% of total revenues originate from sales of Papoutsanis branded products in Greece and abroad, 20% hotel amenities, 44% from third party manufacturing and 21% from industrial sales of specialty soap bases.

 

Overview by Business Segment

 

Branded products: Sales decreased by 8% due to the significant decline in the overall retail market and mainly hand sanitizers. It is worth noting that in the first four months of 2022, the product categories in which Papoutsanis operates fell overall in terms of value by 10.1% compared to the same period in 2021, with the highest losses being recorded in the antiseptic products category (down 24.4% in the four-month period, and down 48.2% in April 2022). Excluding hand sanitizers and other antiseptic products, the sales value of branded products rose by 8%, growing faster than the market and consequently gaining market share.

Hotel amenities: There was a significant rise in sales by 236%, compared to 2021. During the same period last year sales in this segment were very low due to the impact of the pandemic, while this year sales recovered both in Greece and abroad.

 

Third party manufacturing (contract sales and private label products): Sales were up by 15% compared to 2021. Increase was due to further strengthening of partnerships with multinationals for the manufacturing of their products as well as  ongoing expansion of the product range offered by Papoutsanis. 

 

Industrial sales of specialty soap bases: segment increased by 86% in the first half of 2022, mainly due to exports.  Growth is attributed to Papoutsanis being established internationally, its continuously expanding customer base and continued efforts to further enhance its product offering. To meet increasing demand, the new soap base production unit is in operation since the second half of 2021 doubling Papoutsanis' production capacity, while synthetic soap bases, products with a significantly reduced environmental footprint, offer specialised solutions to the specific market.

 

 

Menelaos Tassopoulos, CEO of Papoutsanis S.A., said: "At a time when intense inflationary pressures on raw and packaging materials, transport costs and perhaps most critical energy, frequently combined with significant scarcity in supply, pose major challenges to the market and consumers, Papoutsanis is making every effort to manage the situation in the best possible way. On the positive side, the 39% rise in turnover and 54% increase in exports during the first half of 2022 indicate this year will be yet another year of growth for the company".