Food Plus, the operator of KFC restaurants in Greece since 1989, anticipates an 8%-10% revenue growth for 2023, projecting earnings between €45 million and €46 million.
The company's EBITDA is also expected to rise significantly. However, management noted a slight slowdown in growth during the second half of the year, attributing this to the absence of menu price increases amidst rising labor costs and intensified competition.
Last year's revenue was reported at €42 million, up from €27.62 million in 2022, with gross profit increasing to €22 million from €14.32 million. Net profits reached €2.2 million, compared to €1.73 million in the previous year.
Equity rose to €4.1 million from €1.985 million in 2022, while liabilities increased by 12.3% year-on-year to €13.84 million. Among these obligations, €3.55 million pertains to a bond loan repayment, with an additional €1 million as the final installment of short-term borrowing and €5.755 million in trade payables. The company secured a €5 million bond loan this year, due for repayment in December 2029.
Food Plus continues to invest in network expansion, growing from 8 KFC outlets in 2019 to 19 this year, including two opened in Geraka and Philadelphia. Two more locations are planned in Patras and Metamorfosi.
Currently, the network consists of 16 outlets in Athens and 3 in Thessaloniki.
The company aims to add 4-5 new stores annually, with investments of around €5 million each year, focusing on urban centers and major regional cities. Discussions are underway for KFC's presence in the mega project of Elliniko.
A significant milestone was achieved with the opening of the first drive-thru location in Geraka, with another planned in Metamorfosi. Three additional drive-thru stores are set to open next year, including one in Alimos in partnership with Avin.
Additionally, Food Plus has agreed to manage Taco Bell locations in Greece, with plans to add 4-5 new outlets annually. The brand is gaining popularity globally, especially in countries like Germany and the UK, as well as in southern Europe.