In a domestic beer market that remained flat, Olympic Brewery managed to increase sales last year and nearly double its net profit. Growth, however, came not from domestic consumption but mainly from exports. The sharp improvement in bottom-line profitability was due not only to operating performance but also to a significant reduction in finance costs and the tax burden.
According to the financial statements, the turnover of Carlsberg’s Greek subsidiary rose by 4.1% to €207.4m, while net profit reached €18.03m, an increase of 87%.
Management said that the company’s total sales volume rose by 6%, including exports. According to the company, growth in exports was a key driver of the increase in sales volumes.
Meanwhile, the average selling price before excise duty rose by 4%, compared with the previous financial year. Net sales after excise duty increased by 6% to €152.47m.
The improvement in net profit was far greater than that in operating results. Operating profit rose by around 3.6% to €23.47m, from €22.65m. By contrast, finance costs fell to €3.28m from €7.28m, while income tax declined to €2.2m from €7.04m. As a result, profit before tax reached €20.23m, up from €16.69m.
Olympic Brewery continued to invest in modernising its production facilities. According to the management report, investment totalled €10.27m, focusing on technological equipment, automation, hygiene and safety at its facilities, and sales equipment.
Meanwhile, total debt fell to €42.61m from €55.53m, cash and cash equivalents rose to €6.79m from €4.23m, and current liabilities exceeded current assets by around €50.5m. This figure is affected by the classification of a €40m loan from a related company as a current liability.
Management said it had received a letter of support from Carlsberg Breweries A/S to cover the company’s financing needs and enable it to continue operating. The board proposes distributing a dividend of €9m, approximately half of 2025 net profit.
Olympic Brewery’s portfolio includes the Mythos, Kaiser, Carlsberg, Henninger and Tuborg brands, and the company also operates in the alcohol-free beer segment.