IKTINOS HELLAS S.A. announced its financial results for the fiscal year 2024, prepared in accordance with International Financial Reporting Standards (IFRS). The results mark a return to growth and affirm the company’s resilience and strategic focus on international expansion amidst a challenging global environment.
Broad-Based Financial Growth
Parent company sales reached €30.6 million in 2024, up 33% from €23.0 million in 2023. Consolidated sales stood at €31.5 million, a 26% increase compared to €25.0 million in the previous year.
Operating profitability showed a significant rebound. Parent company EBITDA reached €3.3 million, compared to losses of €1.2 million in 2023. On a consolidated basis, EBITDA jumped to €3.7 million from €0.3 million in 2023—an impressive 1,133% increase.
Pre-tax losses were also substantially reduced. The parent company reported losses of €2.8 million versus €7.5 million in 2023, while consolidated pre-tax losses improved to €4.7 million from €7.7 million, reflecting a €3.0 million improvement.
Strategic Plan 2024–2029 and Global Expansion
IKTINOS is actively implementing its strategic business plan for 2024–2029, aiming to restore key financial metrics to pre-pandemic levels. A key driver of growth in 2024 was the company’s deeper penetration into major markets such as the Gulf countries, Southeast Asia, India, and South America, as well as its involvement in the supply of finished products for large-scale international projects. As of the end of 2024, the company had a project backlog of €5.3 million.
Despite continued uncertainty in the Chinese market, IKTINOS increased its exports to China by 15% year-over-year, further strengthening its share in the world’s largest market for Greek marble. The company also expanded its global footprint by entering new geographic markets and broadening its customer base.
Quarry Expansion and Investment
To meet rising global demand, IKTINOS advanced the development of new quarries in the Drama region and expanded its largest quarry in Volakas by 100 acres. These investments aim to boost production capacity and enhance raw material quality.
Remarkably, despite Q1 traditionally being the weakest quarter of the year, the company achieved a 12.4% increase in turnover in Q1 2024 compared to the same period last year, underscoring the successful execution of its strategic plan.
Debt Reduction and Financial Restructuring
On the financial front, IKTINOS is finalizing the restructuring of €12.04 million in debt. The parent company’s total borrowings and lease liabilities declined to €42.7 million in 2024 from €44.1 million in 2023—a 3.63% reduction. On a consolidated basis, debt fell to €48.3 million from €50.4 million, marking a 4% decrease.
Prepared for Global Challenges
IKTINOS remains vigilant amid global economic turbulence, such as the impact of U.S. tariffs on international trade. The company has developed a proactive response plan to adapt swiftly to evolving conditions and mitigate potential risks.
