KKO International: Sharp Increase in Sales in 2025, Results Impacted by Cocoa and Industrial Costs
KKO International reports mixed results for 2025. While consolidated revenue soared to 17.2 million euros from 9.3 million in 2024, driven by the ramp-up of the SHOKKO factory in Ivory Coast, the net income attributable to the group plummeted to 0.09 million euros from 1.23 million in 2024. This severe deterioration reflects the convergence of three factors: cocoa price volatility, increased logistical and energy costs, and particularly an insufficient utilization rate of the factory which generates higher unit costs.
Revenue Nearly Doubles, but Operating Income Declines
The group posted an 85% increase in annual revenue, rising from 9.3 million to 17.2 million euros. This growth is directly linked to the restart of the productive capacity of SHOKKO, inaugurated in 2024 and having tripled its capacity to reach 3,600 tons per year, particularly in the first half. Concurrently, KKO International launched its integrated 'Tree-To-Bar' approach, combining responsible cocoa cultivation and industrial processing for the production of premium chocolates.
However, operating income was recorded at 1.76 million euros compared to 2.48 million in 2024, marking a decline of 29%. The net income attributable to the group suffered an even more significant contraction, plummeting by 93% to only 0.09 million euros.
Cocoa Volatility and Overhead Costs: Profitability Tested
The economic environment in 2025 heavily impacted margins. The price of cocoa beans in Ivory Coast reached exceptional levels, significantly inflating supply costs. Although the group increased its prices, these adjustments could not be fully passed on to customers, widening the gap between expenses and revenues.
Additionally, the costs of logistics and energy increased in a context where KKO continued its industrial investments. More crucially, the SHOKKO factory is operating below its optimal regime: its insufficient utilization rate mechanically generates higher unit production costs, penalizing profitability despite volumetric growth. Nevertheless, equity capital progressed by 22%, rising from 8.9 million to 10.8 million euros.
The Entry of Lacasa to Redeploy Strategy
Faced with this complex context, KKO International has undertaken a significant industrial rapprochement with Lacasa, a renowned Spanish family group in the chocolate and confectionery sector, a long-standing partner. This operation combines financing, joint venture, and governance changes to accelerate development through skill synergies.
KKO carried out a capital increase of 4.68 million euros for the benefit of Lacasa by issuing 46.8 million ordinary shares at 0.10 euro each (nominal value). Lacasa subscribed for 2.2 million in cash and 2.5 million through the offsetting of existing debts. The Spanish group also receives 48 million non-transferable share subscription warrants (BSA), exercisable annually between 2026 and 2032 at a price of 0.10 euro each, representing an additional potential amount of 4.8 million euros. The new governance will see Fernando Lacasa Echeverria take over as chairman and CEO.
