Double the turnover, but no profit. That is the contradiction reflected in UNILOG’s 2025 financial statements.
The warehousing and distribution company more than doubled its sales, reaching just shy of €34m, but the increase in revenue did not flow through to the bottom line. Instead, the business swung to a loss, as operating costs absorbed almost all the benefit of growth.
According to its 2025 financial statements, turnover rose by 108.94% to €33.90m. Gross profit, however, increased by just 9.43% to €3.28m, narrowing the gross margin from about 18.4% to 9.7%.
The pressure continued at the operating level. Administrative expenses rose by 27.55% to €1.59m, while distribution expenses increased by 73.55% to €1.26m. Operating profit before interest and tax fell to €491,000, from €1.10m in 2024.
Ultimately, pre-tax profit plunged by 96.13% to €22,630, while a tax charge of €50,104 left the company with a net loss of €27,474, compared with a profit of €412,619.
Growth also brought greater financing needs for the business. Trade and other receivables rose by 92% to €7.78m, while total liabilities reached €21.34m, up from €16.41m. By contrast, total borrowings fell to €3.57m from €4.65m.
Despite the pressure on profitability, UNILOG continues to invest in its growth. Last year, the company completed and brought into operation new warehouse facilities, and it is negotiating additional premises with a view to 2028. Management forecasts revenue growth of 15% in 2026 and 10% in 2027, banking on further expansion in value-added services.