After a challenging 2023, Iktinos Hellas S.A., a leading Greek marble company, is poised for a strong comeback in 2024. Positive data presented at recent General Assembly paints a promising picture for the year ahead.
- Strong Sales Growth: Iktinos saw a significant increase in sales during the first five months of 2024. Sales reached €11.9 million, up 16.1% from €10.2 million in the same period of 2023. Consolidated sales also rose by 16.3%.
- Improved Profitability: The company’s profitability has improved dramatically. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared by 317% to €1.1 million, compared to €0.3 million in 2023. Consolidated EBITDA also showed impressive growth, rising 213%.
- Debt Reduction: Iktinos has made significant progress in reducing its debt burden. The company’s debt decreased by €1.8 million, from €48 million at the end of 2023 to €46.2 million by May 2024. Additionally, Iktinos successfully restructured its debt with key banks and secured a framework for future bond loan amortizations.
- Export Diversification: Iktinos has countered setbacks in the Chinese market by tripling exports to India, Egypt, and Tunisia. The company has also established itself in new markets in South America and Southeast Asia, effectively reducing its reliance on a single market.
- Project Pipeline: Iktinos has secured new contracts worth €12 million in the Americas, Vietnam, and Turkmenistan, with additional orders of €10 million anticipated in the near future.
- Increased Production: The company has expanded its raw material production capacity by opening four new quarries in early 2024. High demand is expected for the white dolomitic marble from these quarries, leading to a projected production increase of 10%. Further expansion of the Volakas quarry is expected to boost production by an additional 20%.
- Technological Innovation: Iktinos is leveraging technology to improve its operations. The company has adopted the INSPIRER technology, developed in collaboration with the National Technical University of Athens, for enhanced quarry monitoring. This system utilizes real-time data analysis to optimize performance, safety, and efficiency.
- Focus on Sustainability: Iktinos is committed to sustainable practices. The company utilizes wind energy from its own wind farms, reducing operational costs and ensuring a stable energy source. Additionally, Iktinos employs eco-friendly underground mining methods, minimizing its environmental footprint.
By implementing these strategic initiatives, Iktinos Hellas S.A. is well-positioned for a successful 2024. The company is demonstrating a strong focus on growth, profitability, and sustainability, leveraging technology and innovation to achieve its goals.