By George Lampiris
“If we want to eliminate the consumer with rising prices, then we will also eliminate ourselves.” With this phrase, the president of the Jumbo group, Apostolos Vakakis, emphatically referred to the current inflationary picture of the market, arguing that the value for money that the company supports will continue to be fulfilled, even if it is necessary to cut off the supply until 25 % of the codex from countries of the Far East that are the main suppliers of the company.
As the businessman characteristically stated, “the consumer has been and will remain the number 1 in our priorities. Everything follows the consumer. If we lose the relationship we had with the consumer in the name of expediency, theory or optimistic scenario and we do not serve it properly we will suffer “Only if we serve him properly, to the best of our ability, can we anticipate that after the crisis we will return to a developmental course. So it is better to be sparing in words and energetic in everyday life.”
The container industry in 2022 will have more profits than Google and Microsoft combined
“When it comes to product exclusion, where price-to-product ratios are not in the consumer’s favor, it is a choice that goes hand in hand with the quintessence of the Jumbo strategy. It’s definitely a parameter, but just as big is the desire of the partners in the supply chain to enjoy profits beyond any logic for the activity they provide.To give a picture, the container industry in 2022 will have more profits from Google and Microsoft together, simply retaining a basic technology of a cargo ship, with a box machine.We ended up paying a container at prices that are unreasonable. that market forces and the final consumer will react “.
Reduction of products from the Far East up to 25%
Mr. Vakakis said that the group will reduce the number of overpriced products in its code list until the transportation costs are normalized. “I do not know how long this will take and I would not be surprised if the interruption of supply of these codes was up to 25% of the products from the Far East. Some of them will be replaced by products from other countries with lower shipping costs and for another “part of products will be postponed their reactivation in the Greek market, when logic and ‘fairprice’ return to the system”, he noted characteristically.
Regarding the company’s liquidity, he said that the cashflow increased significantly in 2021 as a result of the fact that product stocks decreased significantly. “However, this does not mean that something similar can always happen. We have foreseen that 2022 is a year that will have positive news as we will be able to continue our dividend policy. But the negative is that if nothing changes, it will definitely have impact on both the turnover and the bottom line of our balance sheet “, added Apostolos Vakakis.
Distribution of an extraordinary dividend of 0.3850 euros per share
Finally, it is noted that during the extraordinary general meeting held at noon on Wednesday, the shareholders of Jumbo approved the payment of an extraordinary distribution of money from taxed and non-distributed profits of the years 01.07.2016-30.06.2017 and 01.07.2017-30.06.2018, which is equivalent to a gross amount of 0.3850 euros per share, an amount equal to half of the total gross amount distributed for 2021, which was 0.77 euros per share.
Source From: Capital