In a recent announcement that may leave a bittersweet taste for chocolate lovers, Alkis H. Hadjikyriakos Public Ltd, the maker of the popular Frou Frou brand biscuits, has declared significant price hikes for its chocolate-containing products. The company has cited the soaring cost of cocoa as the primary reason for the increase, which is set to take effect on April 1.
The price of cocoa has seen an astonishing surge of 153.55 percent over the past year, compelling Alkis H. Hadjikyriakos Public Ltd to raise the prices of its chocolate products by 20 to 30 percent. In a letter to the Cyprus Stock Exchange, where the company is listed, Managing Director Alkis Hadjikyriakos expressed concern over the “galloping global increase in the price of cocoa and chocolate,” which necessitates the adjustment of their product prices.
Hadjikyriakos warned that this escalation could potentially dampen chocolate sales and overall consumption in the market, impacting the company’s revenue. Despite this, the company has decided not to pass the full brunt of the cost increase onto consumers at this time. A significant portion of the raw material cost hike will be absorbed by the company, with plans to reassess the situation in August based on international market trends.
It’s not all grim news, however, as not all products from Alkis H. Hadjikyriakos Public Ltd will see a price change. Non-cocoa or chocolate products such as Frou-Frou biscuits, Golden Choice cereals, Bakandy’s bakery items, Handy’s snacks, and Mon Ami desserts will maintain their current pricing throughout 2024.
Imported chocolate products distributed by the Group will also experience a price rise, reflecting the increased costs from suppliers. Nevertheless, Hadjikyriakos assured customers that should international cocoa and chocolate prices decrease, the company would adjust its prices accordingly.
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