Sweet Success: The Story of Cosmic Bakery
The Cosmic Bakery has left a sweet taste for yet another year with its outstanding performance. Despite the challenges and increased competition, the bakery has secured customer loyalty and maintained a strong financial image.
The Results
According to the financial report for the year 2023, net sales increased by 14.9% to 10.7 million euros compared to 9.3 million euros in 2022. This growth is attributed to the management’s focus on quality and coordinated planning.
Strong Financial Performance in 2021
In 2021, our company experienced a significant increase in revenue, with a 17.2% growth to €5.4 million. EBITDA also saw a rise of 21.2% to €2.5 million. Pre-tax profit increased by 21.6% to €2.3 million, compared to €1.89 million in 2020, while net profit strengthened by 23% to €1.82 million, up from €1.47 million in 2020.
Our company’s net position now stands at €4.7 million, with no bank loans. The strong performance last year has led to a proposal for a dividend distribution to shareholders amounting to €1.7 million.
Management Satisfaction
The management is pleased with the company’s performance last year and remains optimistic about future growth prospects. They are confident in the company’s ability to continue delivering strong results and creating value for shareholders.
President’s Positive Outlook for 2023
The president of the board of directors, Mr. Georgios Kalogeropoulos, highlighted the satisfactory development path, emphasizing the importance of achieving success despite the challenges faced. He acknowledged the negative external factors such as disruptions in the supply chain, inflationary pressures, and constant revaluations of energy products and raw materials. Nevertheless, the attainment of a particularly satisfactory business cycle is a significant achievement.
Company Performance for the Year
The company’s performance for the year is particularly satisfactory, showcasing its successful penetration in the market in which it operates, its strong organizational infrastructure, sound and rational management, as well as the intense and systematic efforts made by all its executives. These factors enable the company to effectively navigate through the current challenging economic conditions and lay the foundation for further growth.
The Success Story of a 63-Year-Old Company
Over the past 63 years, “Kosmikon” has established itself as a leader in the market, with products like yogurt and pastries becoming benchmarks in the industry. The company has evolved its network of six stores in Attica into a destination for food lovers to enjoy.
The Legacy of “Palamidis D. Sons D. Telonis and Co. S.A. Production and Trading of Confectionery Items”
The success story of “Palamidis D. Sons D. Telonis and Co. S.A. Production and Trading of Confectionery Items” began in September 1961 when Leonidas Palamidis and Dimitris Telonis opened their first confectionery shop. Since then, the company has grown and flourished, becoming a household name in the industry.
The Legendary “Cosmikon” Pastry Shop
The delicious smells of freshly baked pastries, sweet breads, and desserts filled the neighborhood around the electric station of Agios Nikolaos. Quickly, the shop became a landmark in the area.
By the 1970s, “Cosmikon” became famous for its milk pie, which traveled through the Greek diaspora and abroad. In 1977, the shop also entered the realm of traditional ice cream, gradually expanding its range of “experimental” syrupy desserts and other “traditional” sweets throughout the 1980s.
Expansion of the Network
From the 1990s to 2017, there has been a gradual expansion of the network, which now includes stores in various locations such as Saint Nicholas, Saint Eleftherios, P. Faliro, Saint Paraskevi, Glyfada, and the Agia Marina station in Aigaleo.
Leadership of the Chain
For several years now, Mr. Athanasios Telonis, son of Dimitris, has been at the helm of the chain, holding the position of managing director.
