The new increase in turnover, the maintenance of high profitability and the further strengthening of its already significant cash reserves constitute the main points of Karelia’s performance in 2023 and the springboard for the financial year 2024, the company’s management emphasized in its letter to the shareholders during the regular general meeting of the listed company.
The Greek listed tobacco industry has planned investments of 10.4 million euros in new facilities and upgrades in 2024 compared to 4.8 million euros in 2023. As the management explained, the mobility in international markets as well as the continuous legislative changes governing tobacco products require a readiness to adapt to new and different packaging specifications, while at the same time there is a need to strengthen productivity in brands that show additional demand both in Greece and abroad.
It should be noted that the consolidated turnover of the Group in 2023, without excise tax and VAT, showed an increase of 8.3% compared to the previous year, exceeding 278 million euros. Regarding the Group’s net profits before taxes, they showed a slight decrease of 1% compared to the previous year, reaching 110.1 million euros.
Under these circumstances, the general meeting of the company’s shareholders approved the proposal of the board of directors to distribute a net dividend of 11.78 euros/share (gross dividend of 12.40 euros/share), increased by 5%.
Victoria Karelia, President of the Board of Directors, underlined that “the positive financial results of 2023 urge us to set new goals and to focus even more on our future steps. As our 135 years of history have taught us, good entrepreneurship never leaves room for complacency, even in the most promising times.”
