Petropoulos Expands Through Strategic Acquisitions and Increased Sales
Petropoulos is actively seeking partnerships both in Greece and abroad, while also looking for advantageous acquisitions of other businesses with similar operations. This was emphasized by the company’s management during the announcement of its semi-annual financial results.
On July 12, 2024, Petropoulos announced the acquisition of TEMMA S.A., a company specializing in the manufacture of precision mechanical components. This strategic move is part of Petropoulos’ broader growth strategy.
In detail, the Group’s sales for the first half of 2024 increased by 18% compared to the same period in 2023, rising from €92.8 million to €109.4 million. According to the company, all business units reported sales growth, with the most significant increases attributed primarily to the agricultural tractor units, driven by a recent farmer support program, as well as the Jaguar-Land Rover vehicle unit and the new motorcycle business unit that began operations at the start of the year.
EBITDA amounted to €7.5 million, compared to €6.9 million in 2023. After-tax profits reached €3.49 million, slightly down from €3.53 million the previous year. The total bank borrowing stood at €34.9 million, up from €32.5 million as of December 31, 2023, while net bank borrowing increased to €26.4 million from €20.0 million at the end of 2023.
Overall, the key sectors in which the Group operates have seen an increase in market share. The total markets served by the company have also shown growth during the current period. Investments in fixed assets totaled €1,882,433 in the first half of the year, against a budget of approximately €3,498,000 for the entire year.
The number of employees in the Group increased to 204 compared to 195 in the same period last year, reflecting the company’s growth and expansion efforts.
