The listed Greek mining industry Iktinos aims to expand its clientele in the international market beyond China. As the management stressed during the analysts’ briefing, the company exports more than 95% of its production, significantly boosting the total Greek marble exports worldwide. In addition to China, where Iktinos directs 42% of its exports, the company is now strengthening its presence in the India, Egypt, Tunisia, Algeria, UAE and the US markets.
Iktinos is implementing mining activities in eight (8) licensed quarries and holds the relevant permits for two (2) others. In 2022, the expansion of its quarry at Volakas in the Drama region is expected to take place, which will enhance the company’s activity with a total of 190 hectares of exploitable area, making Iktinos’ quarry one of the largest in Greece.
In 2021, the company implemented investments of EUR 1.16 million. In 2022, investments are expected in the existing quarries of Volakas and the company’s facilities at the VIE of Drama, alongside the investment in an innovative underground mining and exploitation program that Iktinos is implementing in cooperation with the NTUA.
According to management, the group in 2021 saw an increase in turnover and profitability, recovering from the problems caused by Covid19. However, the energy crisis and power increases have weighed on production costs and have increased overall operating costs by 7%-8%.
At the same time, the constant increases in freight rates due to disruptions in the supply chain, which increases the total cost of ownership for the customer, is also unfavourable. All these parameters, combined with the decline in exports to China, affected the company’s figures in the first quarter of 2022, when a decrease in turnover and profitability was recorded compared to the same period last year.
Source: www.naftemporiki.gr
