Greek dairy brand Fage sees profits rise

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Greek dairy brand Fage

Luxembourg-headquartered and hailing from Greece yogurt maker Fage International SA recently announced its financial results for the first half of 2020. Namely, sales in value for the six-month period amounted to $261 million (approx. €220.7 million), namely an increase of $2.7 million (approx. €2.28 million) on the first half of 2019.
Gross profit for the six months that ended June 30, 2020 was $106.1 million (approx. €89.75 million), up $2.6 million (approx. €2.2 million). Gross profit as a percentage of sales for the six months that ended June 30, 2020 was 40.6% compared to 40.1% for the respective period in 2019. The main reason for this increase was the decrease in the prices of milk used in the company’s US facility by 9.2%, which was partially offset by the increase in the prices of milk used in the Greek facilities by 10.8%.
Operating profit for the six months that ended June 30, 2020 was $37.3 million (approx. €31.5 million), an increase of $5.6 million (approx. €4.74 million). As a percentage of sales, operating profit was 14.3% for the six months that ended in June 2020 as compared to 12.3% for the six months until June 2019. This increase is mainly due to the decrease in SG&A and the increase in gross profit.
Profit before income taxes for the first half of 2020 was $25.3 million (approx. €21.3 million) as compared to profit before income taxes during the same period in 2019. Net profit for the first six months of 2020 was $19.8 million (approx. €16.75 million) compared to net profit of $14.2 million (approx. €12 million) for the same period in 2019.