Dardanel Greece, the company that acquired the assets and liabilities of G. Kallimanis SA under a restructuring agreement, ended 2025 with higher losses, increased borrowings and a sharp decline in cash reserves. Despite an improvement in gross profit, higher operating expenses and finance costs weighed on its bottom line.Sales at the Greek subsidiary of Turkish group Dardanel rose marginally by 1.4% last year, to €25.88m, while net losses widened to €4.62m, from €3.69m in 2024.
Despite an 84.5% increase in gross profit to €2.50m and an improvement in the gross margin to 9.64%, from 5.30%, higher operating expenses wiped out any gains. Administrative expenses rose 27.1% to €2.80m and distribution expenses increased 50.9% to €3.79m, with operating losses reaching €3.97m and EBITDA negative at €3.14m. Interest costs more than tripled to €649,802.
The breakdown shows that sales of goods amounted to €21.43m, while sales of manufactured products fell to €2.44m, from €2.94m. Liquidity also came under strong pressure, with cash and cash equivalents shrinking to €292,083, from €3.89m, while total borrowings increased by 24.2% to €10.22m and net debt stood at €9.93m.
For this year, management has made cost rationalisation, the development of strategic partnerships with suppliers and the strengthening of value-added products its priorities. Despite the losses and the decline in cash reserves, the financial statements say that no factors have been identified that threaten the company’s ability to continue as a going concern.