Frigoglass showed a 50% increase in sales in the third quarter of 2021.
According to an announcement, sales increased by 50% as a result of the strong recovery in demand in both activities, as well as the low benchmark.
More specifically, the main data of the third quarter of 2021 are the following:
– Acceleration of growth of sales of the Glass sector on a neutral exchange rate. Sales increased by 72% compared to last year and by 52% compared to the pre-pandemic third quarter of 2019, due to strong demand and price increase initiatives in all activities
– Improvement of the EBITDA margin by 340 basis points to 13.7%. The increase in sales volume and prices outweighed the impact of external factors, such as rising raw material and shipping costs and the devaluation of the Nair.
– Advance payment of EUR 15 million in September from the co-insurance scheme for the fire incident in Romania
– Successful increase in production in Russia within the quarter and start of operation of an assembly line in Romania in early October, with the aim of reducing the impact of the fire
– The reconstruction phase of the Romanian plant started in September, according to the project schedule and our estimate for its reopening in the fourth quarter of 2022
– € 77.9 million in cash and € 11 million in available credit lines at the end of September, sufficient to cover short-term financing costs and capital expenditures, as well as to finance working capital during its seasonally strong first half 2022
Frigoglass CEO Nikos Mamoulis commented: “We have achieved strong performance despite the challenges associated with rising costs and the impact of the fire in Romania. With market trends remaining favorable in October, we expect in 2021 to achieve double-digit sales growth and improve the EBITDA margin. “We are focusing on implementing the business continuity plan to meet demand during the seasonally strong first half of next year, on the timely start of construction work in Romania, and on measures to offset rising costs.”
Latest News
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%
Piraeus Bank to Propose First Dividend in 16 Years
Piraeus Bank has forecast profits of roughly 900 million euros this year, rising to one billion euros next year
Eurostat: Inflation in Greece Eases to 3.2% in April; 2.4% in Eurozone
The rate of increase for food prices was up by 4.9% in April 2024, compared to 4.8% in the previous month
ELSTAT Feb. Retail Turnover Drops by 3.8%, Sales Volume Plummets by 9.8%
Additionally, the seasonally adjusted General Volume Index for Feb. 2024 experienced a 3.8% decrease compared to the previous month of the same year
Greek Buyers Lead Return to Vacation Home Market
In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans
NBG Receives BBB Investment Grade by DBRS
This makes NBG the first Greek bank to regain Investment grade status, nearly 15 years after the onset of the Greek financial crisis
Greek Gov. Budget: Primary Surplus 3bln in Q1 2024
Value Added Tax (VAT) revenues reached 5.876 billion euros, down by 16 million euros compared to the target
Athens’ Public Transport System Gets Green “Facelift”
The future of urban transport in Greece's capital city includes electrification, hydrogen, kinetic energy and even heighted security and monitoring through the use of drones