The logistics center built by the natural mineral water production company, Theoni, will be completed at the beginning of 2023, according to the president and CEO, Dimitris Tselios, while in the coming months a new production line with biodegradable bottles will be created.
These are investments totaling 10 million euros, which will increase the production capacity of the third largest player in terms of volume and value shares in the natural mineral water category ion the domestic market.
In particular, the logistics center with a built-up area of 7,618 sq.m. develops on an area of 38,000 sq.m. in the area of Vatsouni Karditsa, where the company’s headquarters are also located.
Read also: These are the 8 + 2 investments in the bottled water sector
The new facility will create more than 60 jobs, as the company’s managing director, Dimosthenis Anastasiou, said.
The installation of a new production line with biodegradable bottles is also planned, with the aim of reducing the company’s environmental footprint.
The new production line will increase production capacity by 130% compared to the existing line, from 12,000 1.5 liter bottles per hour to 26,000 bottles.
Through the new line, Theoni will also introduce Braille printing on the bottles. This specific process will be extended to the rest of the lines that produce PET packaging.
It should be noted that in mid-July the General Assembly of shareholders approved a series of amendments to the statutes of Theoni SA. with the most important being the possibility of activity in the production of soft drinks based on natural mineral water.
In addition, at the end of October, the increase in share capital by 1.71 million euros was certified, a move which led to the doubling of the company’s total share capital, which now amounts to 3.46 million euros.
Economic measures
AHB Group, which produces Theoni water, expects an increased turnover of close to 26 million euros this year, with the company having to manage, like other industries, the high increases in energy costs and raw materials.
In 2021 the company’s sales broke the 20 million euro barrier and amounted to 21.6 million euro from 16.16 million euro in 2020, showing an increase of 34%. At the same time, gross profits amounted to 10.4 million euros, a positive change of 23% compared to 2020.
In terms of net results, there was a steep drop in profits, before taxes down to 575 thousand euros (-60%) and after taxes to 250 thousand euros from 1.1 million euros in 2020 (-78%).
According to the management, the drop in profits is due to the greater extent to the increased depreciation, while they were also affected by the increased costs of energy and raw materials.
Exports to 23 countries
With its eyes fixed on international markets, Theoni water today has a presence in 23 countries, with export sales accounting for 20% of its total turnover.
Cyprus, the United Arab Emirates, Saudi Arabia, the USA, Germany, Belgium, the Netherlands, but also Australia, Hong Kong and Panama are some of the countries included in the company’s export network.
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