Minerva enjoys continuous growth

3 NOV 2021

At the end of 2020, a year full of economic and commercial challenges, Minerva S.A. Edible Oils Enterprises’ sales amounted to €49.6 million. The company has entered a dynamic growth phase, expanding its activities to new food sectors through new acquisitions.

More specifically, turnover for the 2020 financial year amounted to €49.6 million, 14.5% of which represent exports (€7.2 million), while domestic sales came to €42.4 million.

The pandemic outbreak had a positive impact on the company’s sales, since at the height of quarantine (March-May 2020) Minerva recorded an 11% increase in turnover, compared to the same period in 2019. The increase is due to the overall rise in food consumption as the food industry is considered generally resilient to the specific crisis.

The growth profit margin came to 24.9%, with earnings before taxes reaching €1.6 million, while EBITDA totaled €4.86 million.

The 2020 figures cannot be compared to the previous period, which was less than 12 months, (June – December 2019), for the purposes of aligning its financial year with that of the parent company, ELAIA ZEUS SINGLE-MEMBER S.A., and the merger by absorption thereof, which was completed in July 2020.

Despite the fact that 2020 was dominated by the global epidemic crisis, which had a significant negative impact on the economy, society and health, Minerva was well prepared. It managed to maintain a high level of sales and product demand by focusing on meeting the needs of the Greek families and expanding its product range. At the same time, it placed emphasis on the protection and safety of its employees, while guaranteeing job security and ensuring the smooth operation of all its production units. At the social level, recognizing the significant difficulties which had arisen for a large segment of society, for the last two years Minerva has been operating with respect and solidarity, to initiate socially responsible actions and donate food and medical supplies to organizations and hospitals [including Athens Nursing Home, KYADA (Center for Reception and Solidarity of the Municipality of Athens), The Smile of the Child, the fire victims of Evia through the Red Cross, SOTIRIA hospital].

Emerging from this new crisis in a strong economic and social position, Minerva continues pursuing its goals for expansion and the strengthening of its position in the food sector. Specifically, the company entered the tomato products market with its acquisition of the Pummaro and Pelargos brands and the production unit in Gastouni, from ELAIS-Unilever. At the same time, it created a new tomato product category under the Horio brand name, expanding its Horio product line.
In addition, with the acquisition of Mediterranean Foods, it strengthens its portfolio with seasoning products and two brands, Brava and Delicia and with the production unit in Leonidio, Arcadia, where four product categories are produced (mustard, ketchup, mayonnaise and sauces), for both the retail and wholesale food market.

Minerva recently concluded a new strategic partnership for the exclusive distribution in Greece of the John West brand, in the packaged tuna and similar finished products category.

Minerva, with respect for society and environmental protection, implements a policy for limiting the use of primary plastic and increasing the use of recycled plastic in its packaging. It currently uses 20% recycled plastic in its 1 liter oil bottles and is committed to reaching 30% by 2030.

Another important company goal is optimizing production, which the company achieves by participating in new research programs on food quality improvement, carried out by academic bodies and state agencies.

Minerva S.A. Edible Oils is a company with a history and experience of almost 120 years. It is currently one of the largest food companies in Greece. With strong brand names such as Minerva, Horio, Pummaro, Top, Fast, Brava, Savoi, and a wide range of olive oil, tomato products, vinegar, cheese, butter and margarine, sauces, organic and functional foods, it meets the increasingly demanding nutritional needs of modern-day consumers. By leveraging the experience and expertise acquired over so many years, it stays abreast of market needs and leads the way in launching products that combine innovation with quality.

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