The turnover rise by 52,8% resulted in more than double net profits reaching the amount of 22,8 million euros. Cash reached 21,9 million euros. Which are the perspectives for this year.
With more than double net profits and a staggering fund, concerning the size of its balance sheet, the marble mining, processing and trading company Mermeren Combinat, which is controlled by Pavlidis Marble-Granites, closed the previous year.
In particular, turnover amounted to € 39.94 million, recording an increase of 52.8% compared to 2017 (€ 26.14 million), a development mainly due to higher marble sale prices.
Gross profit margin amounted to 71.1%, compared to 58.2% in the year 2017, while in absolute figures the gross profit stood at 28.4 million euros, compared to 15.2 million in 2017.
On the other hand, total administrative and distribution costs increased by only 7.6%, resulting in EBIT to rise to € 25.1 million from € 12.2 million in 2017.
EBITDA amounted to € 27.4 million, compared to € 14.5 million in 2017, and earnings after taxes to € 22.8 million versus € 10.6 million in 2017. Banking debt at 31 December 2018 amounted to € 1.3 million, ie almost unchanged compared to the corresponding balance sheet at 31 December 2017, while the company had cash and equivalents of € 21.9 million. Equity on that date amounted to € 41.2 million, increased by € 19.4 million.
As for the prospects of this year, the company is limited to the laconic report that it is expected to be a period of satisfactory operating and economic performance.
In 2018, 35.5% of Mermeren’s sales came from three customers, one from China and two from Greece. Each of them individually accounts for over 10% of sales. Pavlidis Marbles through Stoneworks owns 89.25% of Mermeren’s share capital.