Glaros, a company associated with the Sklavenitis family, is now much more than a paper manufacturer. With an indirect 14.06% stake in Sklavenitis Hellenic Supermarkets and operations in food production, the Oinofyta-based group has also invested €3m in Premia Properties.
However, 2025 ended with lower profits and pressure on liquidity, despite higher sales. Consolidated revenue rose 5.6% to €149.13 million, but net profit fell 15.1% to €24.33 million. A significant portion of earnings came from the group’s holdings in other businesses. Their contribution to results reached €13.43 million, compared with €14.80 million in 2024. These include Sklavenitis, in which Glaros has a stake through its subsidiary ANIKA, and Genfroco, in which it owns a 40% stake.
On the investment front, ANIKA acquired shares in Premia Properties worth €3 million last year. Meanwhile, advances for fixed assets and assets under construction rose to €12.73 million from €11.02 million.
In the food sector, the biggest drag came from Baker Master. The dough-products subsidiary posted a loss of almost €3 million, despite increasing sales to €30.45 million. A key factor was the impairment of receivables totalling €4.52 million, which also weighed on the group’s results.
Glaros is also active in meat processing through Meat House and in ready meals through Avra Meal Production, which was fully consolidated for the first time in 2025.
At year-end, the group had €24 million in cash and deposits, against bank borrowings of €38 million. The parent company repaid a €20 million loan, reducing its own cash holdings from €23.63 million to €1.94 million.
Meanwhile, consolidated equity rose to €109.26 million. Despite being profitable, the company’s management is proposing that no dividend be paid from 2025 earnings. Dividends of about €993,000 were paid during the year, compared with €4.43 million in 2024.