Oil, record growth for Coricelli: turnover at 331 million euro

A 2023 of strong growth for Umbrian oil company Pietro Coricelli. Turnover has reached a record result of 331 million euro, up 37% compared to last year. But it is not all inflation that glitters. Certainly, the record prices achieved by olive oil in recent months have pushed the company's accounts upwards, but it was not just the economic situation. In fact, Pietro Coricelli, bucking the trend of declining consumption, has also seen an increase in its sales volumes, which have reached 60.6 million litres (+7% compared to 56.6 million the previous year.

And that the 2023 results are not a flash in the pan is also confirmed by the fact that the boom growth of the last 12 months is the high point of a period of steady growth. From 2018 to date, in fact, the Umbrian company's turnover has tripled from 116 million to 331 million today.

The reporting of financial performance together with information in the field of Environment, Social & Governance (Esg) are recounted in the Integrated Report 2023, which represents an evolution from the previous edition as it also integrates the Annual Report.

The company's growth is also reflected in the national market: Coricelli grows in volume by 10.3% (Source: Nielsen Report IQ closing 2023) in a sector, the olive oil sector, that is in decline (-9.5% compared to the previous year), while the market share in the Hyper and Super segment reaches 11.2% (2.3 percentage points more than in 2022). These results allow Coricelli to generate new wealth in the territory with a distributed economic value that marks +37% compared to the previous year.

'2023,' explained Chiara Coricelli, president and CEO of the company founded in 1939 in Spoleto and who together with her three brothers represents the third generation of the family, 'has been another year of challenges and changes in the global landscape, but this has not slowed us down. And growth is continuing in the first quarter of 2024 as well'.