Rise in sales, drop in profits for Papadopoulos Biscuits

Bakery products company Papadopoulos Biscuits saw its turnover and sales increase in 2022, but profits declined as a result of the company’s decision not to pass on to consumers a large part of the higher production costs.

Turnover rose 16.82% to €216.16 million from 2021, while sales rose 4.8%.

Net pretax profit declined 25.13%, to €11.86 million, while short-term liabilities dropped to €56.52 million from €60.12 million in 2021.

The company will propose to its annual shareholders’ meeting that no dividend be distributed.

It also noted that it expanded its export markets to 67 countries.