Papoutsanis: Strong growth in 2022 with 29% increase in turnover




January 19th, 2023



Papoutsanis: Strong growth in 2022 with 29% increase in turnover


  • Sales climbed to € 70.8 million in 2022 compared to € 54.8 million in 2021.
  • Major increase in exports which stood at € 46.4 million compared to € 34 million the previous year, accounting for 66% of total turnover, up 36% compared to 2021.


Papoutsanis S.A., one of the largest soap and hotel cosmetics manufacturers in Europe, has reported strong growth in 2022.


More particularly, turnover rose by 29% with sales standing at € 70.8 million compared to € 54.8 million in 2021. Papoutsanis' exports were worth € 46.4 million compared to € 34 million in 2021 and accounted for 66% of overall turnover, reflecting 36% growth.


The significant growth in turnover can be attributed to the positive performance of all four product categories in which the company operates. More specifically, hotel products achieved twice as many sales thanks to the relaunch of the tourism market in Greece and abroad, while sales of specialty soap bases also rose significantly.  The rate of growth in sales of branded products and those manufactured for third parties in Greece and abroad was also positive. It should be noted that approximately half of the above growth can be attributed to an increase in the volume of sales while the remainder is due to increases in sales prices rolling over -insofar as possible- the increase in the cost of raw and packaging materials as well as production costs primarily due to higher energy costs.  The increases in sales prices relate to all categories, but with greater importance going to third party production and specialty soap bases, where the relevant contracts with customers frequently provide for automatic price adjustments at agreed intervals depending on the change in the cost of materials.


In looking at how each of the four business segments contributed to overall results, it should be noted that 18% of total revenue originated from sales of Papoutsanis’ branded products in Greece and abroad, 19% from sales to the hotel market, 43% from product manufacturing for third parties, and 20% from industrial sales of specialty soap bases.






Overview by Business Segment


Branded products: The category shows overall growth of 8% compared to 2021 despite the decline in the retail market and above all in the antiseptic market, whose value dropped by 43% in the period January-October 2022 compared to the same period in 2021. Sales of Papoutsanis' branded products, excluding antiseptics, rose by 26% compared to 2021, a result due both to organic growth via new launches, investment in communication and expansion of distribution, and the positive contribution in the period September-December 2022 resulting from the acquisition of the ARKADI Soap Industry. Excluding ARKADI sales, growth in this category (other than antiseptics) was 16% compared to 2021.


Hotel amenities: There was a significant rise in sales by 98% compared to 2021. During the same period last year, this segment brought in very low numbers due to the effects of the pandemic. In 2022, with the relaunch of the tourism market, the relevant sales increased significantly in Greece and abroad.

It is worth noting that sales in 2022 rose by 51% compared to 2019 thanks to the expansion of partnerships with existing customers and the introduction of new ones.


Third party manufacturing (industrial sales, private label products): Sales were up by 12% from 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 increased by 54% in 2022, mainly due to exports. Growth was due to the company becoming firmly established as one of the key suppliers of specialty soap bases on the international market, the expansion in its clientèle, the continuous improvement in the range of products offered, including synthetic soap bases, and the major increase in sales prices to cover the increased cost of raw materials and production. 


Menelaos Tassopoulos, CEO of Papoutsanis S.A., said: “For the seventh consecutive year, Papoutsanis has recorded a double-digit growth rate, achieving the business targets we had set in the previous year.  In 2022, despite the difficult conditions on the global and Greek markets, we achieved strong growth in all sectors in which we operate, and by acquiring Arkadi Soap Industry we are further bolstering our product portfolio and our presence on the Greek market. At the same time, our extroversion and our dedication to the principles of sustainability consolidate our positive performance, constantly creating new opportunities for growth in Greece and abroad, through our own products and through partnerships with third parties".