Keo posts €10.7 million profit in 2023
Cypriot beverage company Keo this week released its financial results for the fiscal year 2023, showcasing substantial growth in both turnover and profits compared to the previous year.
According to the company’s latest financial statements, profits surged to €10.7 million in 2023, up from €6.9 million in 2022, marking a robust increase.
Moreover, despite facing intense competition in its operating segments, the Keo group managed to grow its overall turnover by 12.8 per cent in 2023, when compared to 2022, resulting in operational profits reaching €8.6 million, up from €5.8 million in the previous year.
The rise in turnover can be attributed partly to increased sales volume, combined with the expansion of market share held by the group’s products.
Additionally, it reflects a price increase in sales to partially offset the rise in production or import costs.
Finally, it should be noted that in 2023, the company’s board of directors decided to distribute a dividend of €0.03 per share.