KRI-KRI Milk Industry has released its interim financial statements for the first semester 2019.

Turnover amounted €57.40m against €51.00m of H1 2018 (an increase of +12.6%). Basic profitability measures were as follows:

-  Gross profit amounted €22.40m against €21.43m of H1 2018,

-  Ebitda amounted €12.23m against €11.71m of H1 2018,

-  Profit before tax amounted €10.50m against €10.17m of H1 2018,

-  Net profit after tax amounted €7.64m against €7.36m of H1 2018.

In the domestic ice-cream market, sales reached €12.82m, down by -5.6%. Although we added more than 950 new points of sales to our network and successfully launched new ice-creams, sales were significantly affected by adverse weather conditions, between mid-March to mid-May. However, this was reversed on the coming months, thus domestic ice cream sales are now about +6% higher yoy.

In the yogurt market of Greece, sales amounted €21.80m, increased by +7.4%. We continue to focus on the large category of strained yogurt, with intense advertising communication and targeted in-store promotions. In addition, we are expanding our product portfolio in order to appeal to a larger consumer base. On that respect, we recently entered to the infant yogurt category. Overall, our volume market share reached 16.1% (+0.9pp), maintaining the 2^nd position [IRI data, July 2019].

Finally, yogurt exports continue surging (+35.8% year-on-year). This result comes from expanding current collaborations, but also from the utilization of the Greek yogurt dynamics in the large markets of western Europe where we have presence. Hence, export sales account for more than 39% of total turnover.