Demetra Holdings posts €89 million profit for 2023 — stake in Hellenic Bank a ‘strategic choice’

Demetra Holdings’ annual general meeting on Thursday saw chairman George Kourris reaffirming the company’s significant position in Hellenic Bank, describing it as a strategic choice amidst ongoing financial successes.

Kourris highlighted that Demetra’s total investment in Hellenic Bank, through successive capital increases since 2013, now amounts to €94 million.

This has secured Demetra a 21.3 per cent stake in the bank, making it the second-largest shareholder, from which Demetra derived a substantial portion of its profitability for 2023.

It was noted that the group posted a post-tax profit of €89 million in 2023, up from €9.1 million in 2022, largely due to the inclusion of nearly €78 million in profit share from its stake in Hellenic Bank, compared to €4.5 million recognised in the previous year.

The group’s assets increased to €379 million from €289 million in 2022, with equity rising to €368 million, equivalent to €1.84 per share, marking a 33.3 per cent increase during the year.

Reflecting on the year, Kourris acknowledged the challenges and opportunities presented globally and regionally.

“We are in an era of significant changes and realignments that directly impact our economy, investment strategies, and our lives in general,” he said.

He further highlighted the transformative role of technology in reshaping various sectors of the economy, particularly through artificial intelligence applications, which are expected to accelerate research, cut development times and reduce associated costs.

Kourris also stressed technology’s role as an ally in humanity’s green transition, essential in light of the climate change challenges already affecting our daily lives.

Finally, while acknowledging the inflationary nature of the green transition, he expressed confidence in technology’s deflationary impact, countering the substantial costs required to adapt to new realities.