Iktinos Hellas recorded Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) at the parent company level for the first nine months of 2024, reaching €3.18 million compared to €1.10 million in the same period of 2023, marking an increase of 189.50%.
The turnover for the first nine months of 2024 amounted to €22.44 million, compared to €18.22 million in the same period of 2023, an increase of 23.12%.
On a pre-tax results level, the company reduced its losses by €1.6 million, a 48.61% decrease, with pre-tax losses at €1.69 million, compared to €3.29 million for the same period in 2023.
The total net debt for the first nine months of 2024 amounted to €42.4 million, compared to €43.8 million, reflecting a decrease of €1.41 million relative to December 31, 2023.
The company has completed the restructuring of its debt with Alpha Bank, while agreements have been reached in principle with the National Bank of Greece and Attica Bank, with contracts expected to be signed soon. The restructuring concerns repayments of bond loans from 2023 to 2025, totaling €11.05 million.
The company has successfully navigated challenges in a tough business environment shaped by factors such as rising labor and energy costs, geopolitical and economic developments, uncertainty around environmental regulations, and continuous interest rate hikes by the European Central Bank through the end of 2023, as well as significant supply chain disruptions.
Additionally, the decline in exports to China impacted the overall performance of the Greek marble sector and significantly affected the company’s results in recent years. Iktinos Hellas has mitigated this decline by exporting to new markets, establishing a sales network for finished products, and securing marble supply contracts for major international projects.
Since early 2024, Iktinos Hellas has been operating four new quarries: two in Drama, producing white dolomitic marble, which is in high demand, and two in Livadia, one producing gray marble and the other beige marble, also highly sought-after as decorative alternatives. To further strengthen raw material production, beyond the above quarries, the company expects to receive a permit within the coming days for the expansion of an existing quarry of approximately 100 acres in Volakas. This expansion is anticipated to increase production by 20% in 2025, with further growth expected in the coming years.
According to the company’s business plan for 2024-2029, a return to previous levels is anticipated, as evidenced by the growth of all significant metrics in the first nine months of 2024.
Finally, the management closely monitors global market developments, aiming to improve productivity. The goal is to further reduce production costs, both qualitatively and quantitatively, through enhanced efficiency, a result of the company’s investment program over the last three years.
