Greek food processing company Afoi Chaitoglou has made headlines with its record olive oil exports, achieving over €52 million in 2024, marking three consecutive years of growth. The company, famous for its brand Makedonikos Halvas, attributes this success to its strong international presence, with exports now constituting 52% of total sales.
According to marketing director Eleftherios Chaitoglou, the focus on the American market has been pivotal, with the U.S. accounting for 45% of their export revenue. Other strong markets include the United Kingdom, Canada, Germany, and Poland, with products reaching 52 countries across the globe.
Chaitoglou highlighted the company's commitment to increasing its footprint, stating, "Our priority is to penetrate the large retail chains in the U.S. market, which is considered the 'promised land' for exports." This ambitious plan is evident as the company continuously expands its product offerings and explores new markets, including Japan and South Korea.
The core product driving sales is tahini, recognized as a global superfood, followed closely by halva. This year has seen the launch of innovative items, such as tahini bars available in various flavors, which cater to health-conscious consumers.
Despite facing challenges like rising production costs, particularly for raw materials and packaging, Afoi Chaitoglou has successfully maintained sales at similar levels to 2023, which approximated €100 million. The company anticipates growth of 5-6% for 2025, projecting revenues to reach €106 million.
Chaitoglou's strategy emphasizes not just on expansion but also maintaining profitability. The firm is currently executing annual investments of €2 million directed at upgrading production capabilities. He noted, "Over the past four years, we’ve successfully increased our revenue by approximately 50%, but we aim to maintain a sensible portfolio focusing on consumer-preferred products."
Looking forward, the company remains optimistic about profitability, particularly with expected improvements to EBITDA, which has consistently been below €10 million for the last two years. Chaitoglou expressed hope for positive adjustments moving forward, due to anticipated improvements both through export growth and sales mix changes.
During the recent press event, it was also mentioned how the seasonality of halva consumption is expected to stabilize. Traditionally, the product sees significant sales during Lent, accounting for about half of annual revenue. Nevertheless, innovative products have begun breaking this seasonality trend, offering year-round options.
The company is focused on sustaining its strength within the domestic market as well, recognizing the need for strategic collaborations to bolster visibility and sales both locally and globally. Chaitoglou remarked, "We believe there's huge potential for growth if we continue reinforcing our partnerships and product offerings, ensuring we meet consumer demands effectively."
Philanthropic efforts were also discussed, with Afoi Chaitoglou supporting HOPEgenesis, which aims to address demographic challenges through initiatives aiding pregnant women from remote villages. Their involvement ensures these women receive comprehensive medical support throughout their pregnancies.
Overall, the performance of Afoi Chaitoglou adds to Greece’s growing reputation as a leader in high-quality food exports. Their commitment to quality, innovation, and community involvement resonates well within international markets. With this forward-thinking approach, the company is on track to solidify its status not just as a top exporter but also as a socially responsible corporation.