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
Draft Bill Eyes Detection of Uninsured, Poorly-Maintained Vehicles in Greece
According to reports, at least half a million vehicles in Greece are uninsured, while the number of those without inspections is unknown
AIA: Passenger Traffic Up by 16.3% in April
Passenger traffic at the Athens International Airport (AIA) amounted to 2.49 million during April 2024
Fitch Solutions: Greece Set to Welcome 40 Million Tourists Annually by 2028
However, Fitch Solutions highlights concerns about overtourism, cautioning that it could strain Greece's capacity to deliver quality services, potentially leading to neglect of popular destinations
ELSTAT: Q1 Exports Down 11% – Trade Deficit Up 8.7%
Amid international uncertainty and armed conflicts in Gaza and Ukraine in 2023, Greek exports continued to decline, ending the year with an 8.5% drop
The Worst European Cities for Pickpocketing – Where is Athens?
The data was presented by London-based travel insurance company Quotezone
Greek Buyers Drive Vacation Home Market Resurgence
George Gavriilidis, CEO of the real estate consultancy Elxis highlights that Greek buyers are increasingly drawn to emerging locales.
INSETE: Air Data Tracker Sees Bookings up 8.4%
Of the 27,025,200 seats booked from March to October 2024, 80% have been confirmed
Titan Group Announces IPO For Its North American Subsidiary
Titan Group subsidiary Titan American will be listed in a New York stock exchange, with the details pending
McDonald’s in Greece Breaks New Records, Plans New Outlets
McDonald’s has finally won over consumers in Greece, reporting record gains and planning more outlets.
Vacant Properties in Greece Posing Risk of Forest Fires
Homeowners are calling on municipal authorities to clear away empty properties which pose a serious threat of fire in the summer