Papastratos’ financial results moved upwards in 2023, reflecting the company’s extroversion strategy but also the dynamics of the investments it has made in recent years for its evolution into a modern high-tech tobacco company.
In particular, Papastratos recorded a 10% increase in gross turnover, which reached 1.75 billion euros in 2023 from 1.6 billion euros in 2022.
This increase is attributed to the company’s extroversion strategy, which is constantly expanding its presence in international markets. Net turnover reached 763 million euros in 2023 compared to 657 million euros in 2022, with exports increasing by 58 million euros.
The cost of sales rose 11%, mainly due to the increased purchases of raw materials and the upgrading of the production equipment, as part of the program of boosting production capacity.
Pre-tax profits stood at 145 million euros in 2023, up from 105 million in 2022. According to the company, this increase reflects the successful management of operating expenses, as well as the company’s strong commercial performance.
The net result of the fiscal year 2023 amounted to 110 million euros compared to 85 million euros in 2022, confirming the positive financial course of the company.
During the fiscal year, Papastratos contributed 1 billion euros in taxes to the state coffers, which corresponds to 1.7% of the total tax revenues of the budget.
Development Strategy and Investments
The company continues to invest consistently in human capital and facilities, with the goal of promoting sustainability and expanding its footprint in the international environment. As emphasized, the 2023 financial results confirm the steady upward trend, but also the great development prospects of the company.
Papastratos invested 119 million euros in new fixed assets in 2023 compared to 100 million euros in 2022, strengthening its infrastructure and improving its production capacity.
These investments are particularly important for maintaining competitiveness and supporting the company’s export dynamics. Papastratos’ investment strategy basically focuses on strengthening its international presence and increasing exports, constantly expanding its turnover.
At the same time, the company continues to invest in the support of its human resources, offering stable and well-paid jobs, with the continuous increase of its staff leading to an increase in salary costs by 30% and a consequent increase in contributions to the state by 29%.
At the same time, the higher investments in fixed assets prove in practice that it implements its commitments, certifying the continuous improvement of production processes, which contributes to the upgrading of its overall efficiency and the further promotion of sustainable development.
