Following last year’s extensive losses, Creta Farms is called upon to achieve a more dynamic growth pace this year in order to secure its position in the cold cuts market, which is being adjusted due to the imminent acquisition of Nikas by the Ifantis group.
The cold cuts industry, which is controlled by the Impala group, failed to meet the target of 150 million euros in revenue last year, while its turnover recorded a marginal loss of 0.8% at 145.9 million euros compared to 147.1 million euros in 2023. By sector of activity, sales in cold cuts – which constitute the company’s core business – decreased by 0.8% to 126.6 million euros, while meat recorded a drop in revenue of 3% to 16.04 million euros. Other meat products recorded an increase of 12.5% to 3.3 million euros. Significant growth was recorded in exports (excluding Cyprus), which amounted to 2.159 million euros compared to 1.711 million euros in 2023.
EBITDA fell by 15.8% to 7 million euros, while pre-tax profits “turned” negative, recording a loss of 739 thousand euros compared to profits of 698 thousand euros in 2023. Net results showed expanded losses, which amounted to 1.004 million euros compared to losses of 105 thousand euros in 2023.
At the same time, total lending recorded an increase of 2.48% to 44.323 million euros, of which 31.2 million euros relate to bond loans and 2.7 million euros to short-term bank loans.
For this year, the signals regarding the course of consumption remain subdued, while the imminent acquisition of Nikas by Ifantis changes the dynamics of the market.
In this context, Creta Farm should intensify the implementation of targeted moves in both the premium market and the low price segment dominated by private label products, while at the same time moving more aggressively in order to display a solid presence in the domestic household basket.
