Apollonion, the Greek bakery chain 60% owned by Karamolegos Bakery Industry, maintained its growth trajectory in 2024 despite continued pressure from rising raw material and energy costs.
The company’s sales rose 4% year-on-year to €26.27 million, compared with €25.36 million in 2023. On a consolidated level, turnover reached €26.99 million, up from €25.95 million the previous year.
Apollonion generated €14.34 million from wholesale and €11.93 million from retail sales, while at the group level, wholesale contributed €13.65 million and retail €13.34 million. The company’s gross profit rose by 7.1%, reaching €10.84 million in 2024 versus €10.12 million in 2023.
However, operating expenses continued to climb, with administrative and sales costs amounting to €9.95 million for the company and €10.54 million for the group. As a result, operating profit slipped to €981,200, down from €1.11 million a year earlier.
Rising wage costs and workforce expansion
Personnel expenses rose to €8.92 million, from €7.72 million in 2023. Apollonion employed 340 staff at the end of 2024 (vs. 332 in 2023), while total group employment reached 360, compared with 351 the prior year.
From a single bakery to a nationwide network
Founded in 1965 by Stavros Evangelou, father of current CEO Vassilis Evangelou, Apollonion began as a small pastry and coffee shop on Nikis Street, Syntagma Square. Apollonion is now the sole member of the Karamolegos Group, following the sale of its Romanian production plant to Grupo Bimbo in May 2024.
Today, the chain operates 10 company-owned stores, including its newest outlet at Flisvos Marina, and 17 franchise locations across the Athens region, including Argyroupoli, Kifisia, Marousi, Lagonisi, Pallini, and Psychiko.
