While supermarket chains are under fire from both the government and opposition over high shelf prices, a striking contrast is emerging from the balance sheets: while the sector’s average profit margin stands at just 1.65%, several major chains maintain affiliated companies with shared shareholders that post dramatically higher profit margins — margins that industry insiders have at times described as unsustainable at the retail level.
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Supermarket profitability and the question of affiliated companies
The question, therefore, goes beyond what results any given retail chain reports. It extends to the broader ecosystem of companies linked to the same business families — companies that produce or package goods and maintain steady commercial relationships with supermarket networks. And in every case, their financial statements reveal significantly higher profit margins than the supermarkets themselves.
Sklavenitis: Under 2% margin in retail, over 23% in the Glaros group
The case of Sklavenitis is the most telling. The Sklavenitis Group reported revenues of €5.56 billion in 2024, up from €5.16 billion in 2023. Pre-tax profits reached €142.26 million, with net after-tax profits of €108.66 million. This translates to a pre-tax margin of 2.56% on turnover and a net after-tax margin of 1.95%. At the company level, with sales of €4.65 billion, pre-tax profits stood at €119.26 million and net profits at €89.76 million, reflecting nearly identical margins of 2.56% and 1.93% respectively. These figures demonstrate that retail activity, despite its enormous sales volume, operates on tight final profitability — and this is precisely the defense the chains use against accusations of excessive profits.
The picture shifts dramatically, however, when one examines the companies that supply or support those chains. Glaros, which operates as a group of companies belonging to the Sklavenitis family, presents an entirely different profitability profile. In 2024, its consolidated turnover reached €141.15 million, with pre-tax profits of €33.18 million and net profits of €28.65 million. That puts the pre-tax margin at 23.5% and the net after-tax margin at 20.3%. At the company level, Glaros posted revenues of €71.94 million, pre-tax profits of €16.64 million, and net profits of €12.58 million — translating to a pre-tax margin of 23.1% and a net margin of 17.5%.
So on one side, the Sklavenitis supermarket chain reports a net margin of under 2%. On the other, the Glaros Group reports a pre-tax margin of over 23%. This highlights a key reality: profitability within the ecosystem of a major retail chain is not necessarily confined to the retail operation itself — it can be generated at earlier links in the value chain.
Sklavenitis group subsidiaries: Meat House, Baker Master, Anika and Genfroco
Within the Glaros group sit several production-focused subsidiaries. Meat House, 100% owned by Glaros and active in the processing and packaging of fresh meat, reported revenues of €41.03 million in 2024, with pre-tax profits of €963,000 and net profits of €731,000. Its pre-tax margin stood at 2.35% and its net margin at 1.78% — close to retail-level figures.
Baker Master, also a 100% Glaros subsidiary specializing in frozen dough products, reported 2024 revenues of €28.19 million, pre-tax profits of €1.21 million, and net profits of €973,000. Its pre-tax margin reached 4.31% and its net margin 3.45% — both higher than the retail chain’s figures.
A notable case is Anika, a Sklavenitis family real estate holding company. This is not a production company selling goods, but a holdings and investment services vehicle. In 2024, it reported investment and participation income of €5.62 million and a pre-tax result of €5.3 million. While not directly comparable on a turnover-margin basis, it demonstrates that alongside the retail operation, there is also a significant portfolio of real estate and equity stakes.
Also part of this network is Genfroco, which is active in the processing and packaging of frozen seafood, with the Sklavenitis family holding a 40% stake through its relationship with Glaros.
The Sklavenitis supermarket chain reports a net margin of under 2%, while the Glaros Group — interests of the Sklavenitis family — reports a pre-tax margin of over 23%.
Metro and My Market: Retail margins versus Optima and Ipeiros performance
Similar findings emerge for the Metro Group, owned by the Panteliadis family. Metro AEVE, operating the My Market and Metro Cash & Carry banners, reported a consolidated turnover of €1.67 billion in 2025, up from €1.62 billion in 2024. Pre-tax profits rose to €26.63 million from €23.11 million. The pre-tax margin stood at 1.6% in 2025 and 1.43% in 2024 — essentially in line with the sector average. Meanwhile, companies linked to the Panteliadis family show different profitability levels.
Optima, a major player in dairy wholesale, reported a consolidated turnover of €218.51 million in 2024, with pre-tax profits of €7.1 million and net profits of €5.59 million. Its pre-tax margin was 3.25% and its net margin 2.56% — both higher than Metro’s. Ipeiros AEVE, a manufacturer that produces among other things the eponymous feta cheese, posted 2024 revenues of €101.25 million, pre-tax profits of €1.14 million, and net profits of €1.13 million — a pre-tax margin of 1.12%, below Metro. However, in 2023, margins were notably higher: pre-tax profits reached €2.71 million on revenues of €99.89 million, giving a margin of 2.71%. Granarolo Hellas — jointly owned by the Panteliadis family through Optima and the Italian Granarolo Group — posted 2025 revenues of €54.93 million, pre-tax profits of €1.27 million, and net profits of €958,000, for a pre-tax margin of 2.32% and a net margin of 1.74%. In 2024, it reported revenues of €53.63 million and pre-tax profits of €1.25 million, with a comparable pre-tax margin of 2.34%.
Masoutis: Under 1% retail margin, over 70% in real estate companies
At Masoutis, the core supermarket operation runs on exceptionally slim profit margins, while affiliated real estate companies — from which the supermarket chain leases some of its stores — show a very different financial profile. According to its 2024 financial statements, the Masoutis Group reported revenues of €1.14 billion, up from €1.08 billion in 2023. Pre-tax profits reached €9.06 million, up from €8.27 million the previous year, while net after-tax profits came in at €5.97 million, slightly down from €6.27 million in 2023. On these figures, the group’s pre-tax profit margin was just 0.79% of turnover. The net after-tax margin was even lower, at 0.52%. At the company level, on equivalent revenues of €1.14 billion, pre-tax profits were €8.62 million and net profits €5.62 million, yielding a pre-tax margin of 0.76% and a net margin of 0.49%. These figures confirm that Masoutis’ core retail activity operates at profitability levels even below the sector average.
The picture changes markedly when one examines the real estate companies connected to the same business environment. Galaxias Property Management and Construction Single-Member S.A., an entity with common interests with the Masoutis Group, reported 2024 revenues of €543,600 — up sharply from €124,600 in 2023. Pre-tax profits reached €401,000, with net after-tax profits of €312,500. This translates to a pre-tax margin of 73.8% and a net after-tax margin of 57.5%.
On one side, the Masoutis Group reports a pre-tax margin of under 1%. On the other, its affiliated real estate company posts a pre-tax margin of over 70%. Also in this category is Masoutis Single-Member S.A. (real estate entity), which in its 2025 financial statements reported total assets of €12.35 million and equity of €12.23 million. In 2025, the company recorded other ordinary income of €570,600, but posted a pre-tax loss of €9,000 and an after-tax loss of €12,700. In 2024, however, with other ordinary income of €510,200, it recorded pre-tax profits of €365,700 and net profits of €301,100. Since this entity does not generate a traditional turnover in the retail sense, a direct comparison with supermarkets is not perfectly like-for-like. Nevertheless, taking 2024 ordinary income as the base, the pre-tax result represented approximately 71.7% and the net result approximately 59%.
Afoi Kontzoглou: The distribution company acquired by the Masoutis group
Another case worth noting is Afoi Kontzoglou, a distribution company in which Diamantis Masoutis recently acquired a majority stake. Its net revenue reached €24.29 million in 2024, up from €23.49 million in 2023 — a 3.4% increase. The gross profit margin rose to 26.5% from 23.4% a year earlier, reflecting more effective management of the product mix and procurement costs. At the operating level, EBIT stood at €1.45 million, with pre-tax profits of €1.44 million. Net after-tax profits reached €1.10 million, up slightly from €1.08 million in 2023. The net profit margin came in at 4.5%, essentially flat with the prior year’s 4.6%, despite higher selling and administrative expenses.
Market In: Low retail margins and higher returns from parallel activities
The same debate over where profitability is actually generated around supermarket chains also applies to the Rammos family and their Market In chain. Financial statements show that the purely retail operation runs on very low margins, while parallel activities — including real estate, exhibition spaces, and energy — generate significantly higher returns. According to the financials of Market In Emporoviomichaniki, the entity consolidating the supermarket activity, revenues from continuing operations reached €418.61 million in 2024, up from €403.33 million in 2023 — a 3.79% increase. Pre-tax profits came to €1.49 million, down from €1.76 million in 2023, while net after-tax profits fell to €953,600 from €1.2 million. On these figures, the pre-tax profit margin for the supermarket operation stands at just 0.36% of turnover. The net after-tax margin is even thinner, at 0.23%. These are levels significantly below the sector average — which for 2024 is estimated at approximately 1.65% in terms of net pre-tax profit on revenues, as noted above.
Published in Parapolitika
