After 11 loss-making quarters, the Ellaktor group returned to profitability. Ellaktor SA is a multinational Greek construction group with operations spanning various sectors of public and private development in ten countries.
According to the financial results of the first quarter announced by the listed company, it recorded comparable profits after taxes of 14 million euros against losses of 9.1 million euros in the corresponding period last year.
Notes included in the announcements also include the zeroing of losses in the construction sector (Aktor) as well as the outstanding balance of 2.5 billion euro worth of projects.
Commenting on the Financial results of the Q1’22, the CEO of ELLAKTOR Group, Efthymios Bouloutas, mentioned:
«The Q1 2022 financial results validate the Group’s positive performance momentum, as this was also reflected in the annual results of 2021, and restores ELLAKTOR’s net profitability for the first time since 2019 (or after 11 loss-making quarters), reaffirming the strategic goals of the management. With Profit After Tax (1) of €14m, comparable EBITDA(1) of €67.3m. and the EBITDA margin at the highest point of the last 4 years, now reaching 31%, the Group leaves behind a lengthy period of negative results and gets in the trajectory of achieving 2022 targets .
It is worth mentioning that our operations in construction, with backlog currently standing at €2.6bn, achieved a marginally positive operating profit, following many years of accumulated losses.
Following the participation of MOTOR OIL (HELLAS) CORINTH REFINERIES (MOH) as a new shareholder, with a 29.9% stake, in the share capital of ELLAKTOR, the Group received an Offer by MOTOR OIL (HELLAS), in which they expressed their interest for the acquisition of a 75% equity stake in a newly formed entity comprising Ellaktor’s Renewable Energy Sources assets (“RES”). Following the above, Ellaktor is in the process of assessing and evaluating MOTOR OIL (HELLAS) proposal and has appointed a financial advisor to provide ‘fairness opinion’
Despite the challenges arising from the military conflicts in Ukraine and the inflationary pressures, ELLAKTOR Group, having concluded its vital course of restructuring, and with new shareholding structure, re-enters into the competitive environment and is ready to perform a leading role in the construction sector, aiming at the creation of stable and long-term value for the shareholders, the employees and the Greek society”.
You can find a detailed PDF of Q1 results HERE
Latest News
Critical Week for Greece-Cyprus Cable
The study concluded that the social benefits of the interconnection, totaling 8 billion euros, far outweigh its 1.9 billion euros construction cost, resulting in a net social benefit exceeding 6 billion euros.
Roberta Metsola Re-elected President of European Parliament
Her second term will be for a period of two and a half years
ELSTAT: 1.5% Increase in Business Turnover in May 2024
The most significant increase in turnover in May 2024 compared with May 2023 was recorded from the enterprises of the Accommodation and Food Service Activities, sector which grew by 14.8%.
Cosco: Container Traffic Decline at Piraeus Port Continues
This strategic shift has diminished Piraeus's standing as a prominent Mediterranean port and a key transshipment hub post-Suez Canal.
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight