Fage Dairy Products announced that its nine-month revenues rose 13.3% to 477.3 million dollars (45.09 million euros based on yesterday’s euro-dollar exchange rate) compared to 421.2 million dollars (392.78 million euros) in the corresponding period last year.
The company attributed the positive performance to a 10.8% increase in average net selling price across all markets, a 1.8% increase in volume sales and a 0.7% positive impact on sales due to the weakening of the dollar against the euro and the British pound.
It should be noted that during the period under review the prices of the basic raw material, i.e. milk, fell by 36.7% in Greece and by 23.4% in the USA.
The value of sales increased in Britain, the United States, Italy and Greece by 25.1%, 14.4%, 9.4% and 5.2% respectively. In terms of volume, sales rose in Britain and the United States by 7.4% and 4.5% respectively, while a decline was recorded in Italy and Greece by 5.7% and 4.5% respectively.
It is worth noting, however, that the course of volumes in the third quarter is said to be strengthening, showing an increase of 9.6% compared to the third quarter of 2022, with positive performance in all markets, except Italy.
Gross profit recorded a 77.5% increase in the nine-month period to 224 million dollars (208.8 million euros), while as a percentage of sales it reached 46.9%, compared to 30% in the first nine months of 2022.
The dairy industry recorded an increase in pre-tax profits by 528% to 104.1 million dollars (97.07 million euros) versus 16.6 million dollars (15.4 million euros) in the corresponding period last year. Accordingly, net profits amounted to 80.8 million dollars (75.3 million euros), compared to 14.7 million dollars (13.7 million euros) in the last nine months, recording an increase of about 450%.
Fage’s investments amounted to approximately 7.7 million dollars (7.1 million euros)
