When his father, back in the 1950s, opened a small pastry shop in Serres, Panagiotis Tsinavos, current main shareholder and head of Kri-Kri, could hardly have imagined the current evolution of the family business.
The small store has evolved into an integrated dairy industry worth more than 400 million euros.
And the best seems to be yet to come, as sales have doubled in the last 5 years.
Panagiotis Tsinavos, who assumed the listed company 30 years ago (i.e. in 1994), sees Kri-Kri preparing for another impressive year, with the first quarter figures reflecting the optimistic estimates.
Total turnover exceeded 52.4 million euros (45.8 million euros in the first quarter of 2023), while net profitability improved to 6.8 million euros (6.6 million euros previously).
Last year, turnover reached 216 million euros (171 million euros in 2022), while profits soared to 32 million euros (3.1 million euros in 2022). Given the high performance of the first quarter, it is possible that there will be a further improvement in the numbers in the current year.
Results seem to have doubled over the last five years as turnover amounted to 112 million euros and profitability to 15 million euros in 2019.
Ice cream may have been the starting point, but yogurt is what really made the company “take off”.
An amount of 173 million euros (135 million euros in 2022) of last year’s turnover (216 million euros) comes exclusively from dairy products. In fact, of these, 97.5 million euros (72.5 million euros last year) are a product of export activity (sales in 42 countries).
Stock rally
The share of Kri–Kri has recorded a rally of almost 30% in 2024 and more than 45% in 12 months, which has led the valuation to the record level of 400 million euros.
