62.3% increase in EBITDA in the first half of the year

62.3% increase in EBITDA in the first half of the year | TheGreekDeal.com

Fourlis Group

Fourlis Group announced a significant improvement in gross profit margin in the first half of 2024, which it attributed to the group's competitive advantage in its supply chain.

Newsroom

10/09/24 • 18:01

TIME TO READ

1 min

Dimitris Valachis, Chief Executive Officer of Fourlis Group

Fourlis Group announced a significant improvement in gross profit margin in the first half of 2024, which it attributed to the Group's competitive advantage in its supply chain. Specifically, the Group's Retail business reported a gross profit improvement to 46.4% in 1H24 from 44.6% in 1H23. Sales also increased from all of the Group's businesses, supported by sales volumes.

IN DETAIL

Sales increase from all Group activities, supported by sales volume.

Fourlis Group consolidated sales increased by 4.2% to €257.0 million in H1 2024.
As a result of volume growth across the group's retail operations, group retail sales increased by 2.2% to €245.1 million in H1 2024.

Improved gross profit, operating cost control and operational efficiency led to a significant improvement in profitability.

Significant improvement in gross profit margin due to the Group's competitive advantage in its supply chain. The Group's Retail business reported a gross profit improvement to 46.4% in H1 FY24 from 44.6% in H1 FY23.
Increase of 62.3% in operating profit before interest, tax, depreciation, and amortization EBITDA (OPR) reaching €27.7 million in H1 2024 compared to €17.1 million in H1 last year, with EBITDA (OPR) margin at 10.8% from 6.9%.
Consolidated EBIT more than doubled to €24.8 million in H1 2024 from €10.9 million in H1 2023, with the EBIT margin at 9.6% from 4.4% in the same period last year.
Group Retail EBITDA (OPR) amounted to €16.0 million in H1 2024 from €11.3 million in H1 2023, with EBITDA margin (OPR)* improving by 180 basis points, and Group Retail EBIT increased by 114% to €8.4 million. in H1 2024 from €3.9 million in H1 2023, with the Group's EBIT margin also improving by 180 basis points to 3.4% from 1.6%.

TRADE ESTATES RETURNS

Due to higher traffic at the company's shopping parks, Trade Estates' total revenue increased by 71.0% to €20.2 million during H1 2024, and its funds from operations increased by 60.1% to €7.3 million from €4.5 million in H1 2023. Following the deconsolidation, Trade Estates' portfolio of high-yielding and high-quality properties will provide the Group with a continuous stream of dividends and a further boost to its profitability through the Group's non-controlling interest in Trade Estates.