KEO generates €27.4 million in first half of 2022, up 37 per cent year-on-year

Cypriot beverage maker KEO, a leading company in the field of winemaking, brewing, juice production, and bottling of natural mineral water, has released its financial results for the first half of 2022, demonstrating robust growth and performance.

According to the company’s report for the first half of 2022, KEO PLC reported a total revenue of €27.4 million for this period, marking a substantial increase of 37 per cent compared to the same period in 2021.

The significant growth is attributed to improved market conditions, with a noticeable rise in tourist arrivals.

The company’s gross profit for the first half of 2022 amounted to €8.53 million, compared to €6.53 million in the same period of 2021.

The gross profit margin, as a percentage of sales, stood at 31 per cent in 2022, down from 33 per cent in 2021.

The decline in gross profit margin is mainly due to a substantial increase in production and operating costs.

According to the report, KEO PLC chose to absorb most of these cost increases rather than passing them on to consumers.

In addition, during the first half of 2022, KEO PLC reported a net income of €1.16 million, a significant improvement from the €334,000 reported in the same period in 2021.

The enhanced financial performance is primarily attributed to increased revenue.

The company said that it remains focused on its core activities, including winemaking, brewing, juice production, and the bottling of natural mineral water, while also exploring opportunities in the import and distribution of various products.

Finally, the company’s management noted that the primary risks and uncertainties it faces have not significantly changed from those described in the company’s annual report for the year 2021.