Greek firm Megas Yeeros continues growing rapidly, CEO says

Megas Yeeros SA sales grew 20 pct in 2015 and were currently rising by 10 pct, Nikos Loustas, chief executive of the company told ANA on Wednesday.

He said that sales of its subsidiary in the United States -a US factory completed one year of operation recently- totaled 3.0 million euros last year and were expected to surpass 7.0 million in 2016. In total, sales of the two production units are expected to surpass 33 million euros this year.

In 2015, sales amounted to around 25 million euros from 21.2 million in 2014 and this year are expected to surpass 27 million euros, Loustas said, adding that EBITDA totaled 3.3 million euros in 2015. Exports in Europe totaled 2.5 million euros and are expected to surpass 4.5 million euros this year.

Megas Yeeros is the largest company in the sector and won the European National Champion award in 2015.

US activities -led by George Nikas one of the main shareholders- expands to a sales network in all States, along with Canada, Mexico, Panama and the emirates (Dubai and Qatar). Exports to Arab Gulf states are made from the US since the US factory is certified with Arab legislation on food.

Based on existing plans, the US company will double its sales each year -rising to 12-15 million euros in 2017.

Loustas said Megas Yeeros will seek to list in the Athens Stock Exchange and in the London Stock Exchange (parallel market) after 2020 when sales were expected to surpass 80 million euros. The company unsuccessfully tried to list its shares in the ASE in 2014 and in the London market in 2015, the first because of adverse market conditions ahead of general elections in Greece and the second because of the introduction of capital controls in the country.

The Greek factory employs 180 workers. Main shareholders are George Nikas and Nikos Loustas and the Arista and Demerkon funds.