44 million euros profit for F.H.L. Kyriakidis marble industry in 2017

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2017 was the year of higher profitability ever for F.H.L. Helias Kyriakidis, the quarrying, elaborating, installing and trading marble company. More specifically, the total net profits of the parent company and its subsidiaries reached the 43,95 million euros in 2017.

According to the annual economic report of its management board, the total sales of the company are expected to post further increase, boosted by the high demand for white marble from China, Middle East and former USSR countries, from Singapore, South Korea and Indonesia. Following its financial statements, the company, together with its subsidiaries, had 113,65 million euros total revenue in 2017, while in 2016 the revenue was 66,54 million euros, presenting an increase of 70,8% or 47,11 million euros.

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101,94 million euros (89,7% of the total revenue) of the sales were about finished and half-finished marble products and mortar and the rest 11,71 million euros (10,3% of the total revenue) were about raw materials, wares and services. Moreover, the sales were due to products and goods provided to the international market by 83,7% (95,10 million euros). The sales in Greece (18,55 million euros) increased by 35,7%, corresponding to 16,3% of the total sales. At the same time, the sales to Asian countries (78,95 million euros, 69,5% of the total ones) were raised by 74,9% and to European countries (13,62 million euros, 12% of the total), except Greece, by 326,9%. The sales to African countries (0,25 million euros) were decreased by 26,5%, while the sales to American countries (2,29 million euros) were increased by 4,1%.

Earnings before taxes and minority interests after depreciation, amortisation and financial expenses were 64,72 million euros, corresponding to 56,9% of the sales, while in 2016 the relevant profits were 27,07 million euros corresponding to 40,7% of the year’s sales (+139,1% or +37,65 million euros), and after taxes and subtraction of the minority interests the shareholders earnings were 43,95 million euros, while in 2016 they were 19,11 million euros (+129,9% or +24,83 million euros).

In December 31, 2017, the group had 55,69 million euros cash and cash equivalents (28,77 million euros in December 31, 2016).

In 2017, the mother company reached 112,80 million euros sales (+72% in comparison with 2016), 69,365 million euros (+127,9%) earnings before taxes and depreciation (EBITDA), 65,65 million euros (+137%) earnings before taxes κέρδη and 44,88 million euros (+131,4%) net profits after taxes.

During 2017 the group absorbed the companies: Antiochos Holdings, S. Laskaridis Quarrying Corporations, F.H.L. Dynamic Extractions and F.H.L. Thassos Quarrying.

The group, with Helias S. Kyriakidis as Chairman and CEO, is headquartered in Prosotsani Drama, and most of the quarrying and industrial venues are located in the prefecture of Drama. By the end of 2017, the company had about 388 employees in total, 323 of which belonged to the mother company’s work force, while by the end of 2016 there were 336 employees in total and 278 at the mother company.

Source: inr.gr