Profit surge for FAGE
FAGE, Greece’s top yogurt producer, saw its profits soar in the first half of 2023, even though sales volume dropped, because it increased its prices by an average of 13% despite producer prices dropping 38.4% and 21.5%, respectively, in its factories in Greece and the United States.
Gross profit in the first half of 2023 rose 72.7% to $143.7 million; operating profit was up 192.1%, to $68 million, pretax profit reached $63.1 million from $8.6 million in the first half of 2022 and after-tax profit jumped 450%, to $48.8 million. Sales were $309.6 million, up 10.6% from 2022. [Reuters]
