Keo profits rise by 45 per cent, group profits reach €8.5 mln

Cypriot beverage company Keo this week announced that it generated €1.6 million in profits during the first half of 2022, up from €1.1 million during the corresponding period of 2021.

According to the company’s financial results, the turnover of the entirety of the Keo group for the first half of 2022 amounted to €27.4 million, compared to €20.1 million in the corresponding period of 2021, recording an increase of 36.3 per cent.

The increase in turnover was primarily attributed to an improvement in market conditions, with the leisure and recreation sector receiving a boost from the elevated number of tourist arrivals when compared to the previous year, when tourism was suppressed due to a number of restrictive measures that were still in place.

The group’s gross profit for the first half of 2022 amounted to €8.5 million compared to €6.5 million in the corresponding period of 2021.

The gross profit margin, as a percentage of sales, amounted to 31 per cent in 2022, compared to 33 per cent during the corresponding period of 2021.

The decrease in gross profit margin is due to the large increase in production and operating costs, the group said, noting that the company chose to absorb most of the increases by avoiding price increases faced by consumers.

During the first half of 2022, the group recorded an operational profit of €1.2 million, compared to €334,000 in the corresponding period of 2021.

The improvement in the group’s operational profit, compared to the corresponding period of 2021, was primarily attributed to an increase in turnover.