Ideal Holdings announced an increase in sales and profitability for the first half of the year, and the board chairman, Mr. Lambros Papaconstantinou, expressed a desire to further expand operations.

In particular, IDEAL's key figures for the first half of the year are: 

• The acquisition of Attica Department Stores and the increase in IT revenues (+65%) drove revenue growth of +269% to €184.9 million.
• Increase in Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) by +433% to €26.1 million compared to €4.9 million in H1 2023.
• Increase in Comparable Earnings before Interest, Depreciation, and Amortisation (Comparable EBITDA) by +293% to € 17.7 million compared to € 4.5 million in H1 2023.
  Increase in Comparable Earnings before Taxes by +231% to € 9.2 million compared to € 2.8 million in H1 2023.
• Increase in Profit after Taxes by +43% to € 13.0 million compared to € 9.1 million in H1 2023.

The organic growth of the IT companies and the addition of the Attica Department Stores results in H1 2024—the department store acquired on January 1, 2023—were the main drivers of the notable increase in all consolidated key financial figures.

Discontinued operations include the industrial segment, which the company transferred on August 6, 2024, for a consideration of €115.5 million, with an estimated net profitability of €74 million.

Net borrowings at the consolidated level stood at €80.7 million as of June 30, 2024, compared to €73.3 million as of December 31, 2023. Taking into account credit and debit card receivables of € 11.9 million, net borrowings stood at € 68.8 million, compared to € 57.3 million as of December 31, 2023.

OUTLOOK FOR 2024

"The significantly increased results in the first half of the year confirm our expectations for the continuation of the upward trend in our portfolio for 2024. Our strategy focuses not only on investing and creating value but also on transferring some of our investments when the proposals meet our requirements. The Astir transaction is a significant development for both the company and IDEAL and enables us to think carefully about our next investment moves. Our goal remains to grow our business through organic growth of our companies as well as through acquisitions. We want in 2024 to expand operations in the sectors we have invested in and in new activities in notable Greek companies." Mr. Lambros Papaconstantinou, Chairman of the Board of Directors of IDEAL Holdings.