November 6, 2020
Minerva S.A. Edible Oils Enterprises has entered a new era of growth following its completed transition to a new ownership status aimed at strengthening its presence in Greece and abroad and at further expanding and bolstering its strong brands in the food industry.
To align its financial year with that of the parent company, ELAIA ZEUS SINGLE-MEMBER S.A., Minerva has changed its accounting period end date from 31/12 to 31/5 and moved to merge with the parent company by absorption. The merger was completed in July 2020. As a result, the last financial year is less than 12 months and covers the period 1 June-31 December. Therefore, the figures cannot be compared to the previous 12-month period. Specifically, sales for the seven-month period June-December 2019 amounted to €25.8 million, 13.5% of which represent exports (€3.5 million), while domestic sales came to €22.3 million. The growth profit margin came to 17.5%, while adjusted EBITDA totalled €826,800.
Further, while under the impact of the SARS-CoV-2 pandemic in the first half of this year, Minerva recorded a 9% increase in turnover with a 10% rise in sales volume, as compared to the same period in 2019. To a great extent, the increase in sales is due to the overall rise in food consumption during the period of quarantine, as the food industry is considered resilient in times of crisis.
During the pandemic, Minerva has responded to the crisis with a sense of responsibility for the protection and safety of its people, while ensuring the smooth operation of all of its facilities. Meanwhile, recognising the significant difficulties which arose for a large segment of society, Minerva has operated with respect and solidarity to initiate socially responsible actions and donate food and medical supplies to organisations and hospitals.
Having completed a broad-based investment programme over the last two years, Minerva is entering its new era from a position of strength, aiming to expand its activities into a broader spectrum of the food sector and to develop new partnerships.
Over the last year under new ownership, and while working on the company’s internal organisation and autonomy, significant investments were made in new technologies and new IT and ordering systems. Meanwhile, new strategic choices are being advanced in the company’s environmental policy, such as investing in the use of recycled plastic.
Minerva S.A. Edible Oils Enterprises is a company with a history and experience of more than 116 years. It is currently one of the largest food companies in Greece. With strong brand names such as Horio, Top, Fast, Benecol, and a wide range of 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.