FAGE Greece, the internationally famous yogurt brand, posted disappointing financial results showing the company in the red for the third year in a row.
The results, published yesterday, show turnover falling from 163.08 million euros in 2022 to 152.11 million euros in 2023. This is accounted for by a 13.8% reduction in international sales, which overpowered the 3.2% rise in domestic sales.
Net losses quadrupled compared to 2022, coming in at 13.49 million euros from 3.21 million euros the previous year.
OT.gr notes that FAGE Greece repaid a loan to FAGE International last year in the amount of 18.21 million euros.
The company is also embroiled in litigation in Greece over a dispute with the tax authorities and has had to make a 16.6 million euro provision for court cases. The company faced an additional 6.852 million euros in taxes, which is it in the process of appealing.
FAGE Greece continues to cut staff, which have been reduced by 133 persons since 2017 to around 472 employees.
The OT.gr report highlights that despite the bad news from FAGE Greece, FAGE International is posting record sales and net profits. FAGE International recorded 82.7 million dollars in net profits against 29.3 million dollars in 2022.
Meanwhile sales rose 13.9% year on year at FAGE International to 629.2 million dollars.
