Olympic Brewery, a subsidiary of the Carlsberg group, recorded growth rates in 2024, and it looks forward to maintaining a similar trajectory in 2025, despite the apparent slowdown recorded in the summer months in consumption outside the home.
The increased tourist flow continues to be a “good card” for the domestic beer market, however, unlike last year, the catering channel seems to be showing a slowed pace.
The portfolio of non-alcoholic proposals is estimated to maintain an upward trend, which attracts particularly younger age groups, while summer festivals and the new “market” that opens with the popularity of fairs operate in support of beer sales.
In any case, the strategy of the subsidiary of the Danish group remains unimpeded, focusing on further expanding its presence in the cold market, strengthening the portfolio and expanding the leading position in non-alcoholic beers.
Performance
Regarding last year’s performance, Olympic Brewery recorded a significant improvement in sales volume both in and outside Greece, while the reduction of debt was equally supportive for the company. According to the financial data for fiscal year 2024, the total turnover, including the Special Consumption Tax of Olympic Brewery, increased by 10% and amounted to 199.3 million euros compared to 181.1 million euros in 2023.
The company’s net sales, i.e. excluding the Special Consumption Tax, recorded an increase of 10.8% to 143.7 million euros compared to 129.6 million euros. The increase in revenue is attributed to the good flow of tourist consumption.
Profitability
In terms of profitability, pre-tax results increased by 25.7% to 16.6 million euros compared to 13.2 million euros, however, net profitability was burdened by comparatively increased taxation compared to 2023 and recorded a decrease of around 5.8% to 9.6 million euros compared to 10.2 million euros in the previous year.
The company’s financial structure improved last year mainly due to the repayment of part of the intra-group loan by 8.8 million euros and the increase in net worth to 42.4 million euros compared to 32.9 million euros. Total liabilities were reduced to 55.5 million euros compared to 64.3 million euros in 2023.
However, as in fiscal year 2023, no dividend distribution from the profits of the year is planned for fiscal year 2024.
Investments of 13.9 million euros
During 2024, the company made investments of 13.9 million euros in supporting its mechanical equipment for the upgrade of production units. Olympic Brewery maintains two privately owned production units, in Northern Greece in the Sindos region and in Central Greece in the Ritsona region.
