263% jump in net profit in the first half of the year on an annual basis

263% jump in net profit in the first half of the year on an annual basis | TheGreekDeal.com

Ellaktor

Ellaktor Group recorded a 263% jump in its net profit for the first half of 2024 (compared to the corresponding period of 2023), according to a company announcement.

Newsroom

12/09/24 • 17:58

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2 min

Efthimios Bouloutas, CEO Ellaktor

Ellaktor Group recorded a 263% jump in its net profit for the first half of 2024 (compared to the corresponding period of 2023), according to a company announcement.

KEY DEVELOPMENTS

Sales of €144.7 million compared to €136.2 million in H1 2023, an increase of 6%.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): €88.9 million, roughly in line with 6M2023, up 1%, with an EBITDA margin of 61%.
Earnings before Taxes (PBT): €55.7m, compared to €40.9m in 1H2023, up 36%.
Net profit of €40.4 million compared to a profit of €28.7 million last year, up 41%.
Positive Operating Cash Flow of €65 million.
Group Net Liquidity: €458 million at 30.06.2024 vs. €302 million at 31.12.2023.
Group cash and readily realizable assets3 amounted to €644 million at 30.06.2024, compared to €497 million at the end of 2023.
Total equity of €780 million, or €2.24 per share. Equity attributable to majority shareholders is €748 million, or €2.15 per share. The return of capital to shareholders (TGA decision of May 31, 2024) affected equity by a total of €174.1 million (€0.50 per share).

At group level:

Total Group Sales of €192.7 million, down 56% compared to the same period last year (€440.8 million), due to the non-inclusion of the construction business, the sale of which was completed in 2023.
Total Group EBITDA of €99.6 million, up 18%, compared to the same period last year (€84.6 million). Group EBITDA margin: 52%, up from 19% last year.
Total Group NPV amounted to €65.1 million compared to NPV of €29.8 million last year, an increase of 118% year-on-year.
Total Group Net Profit amounted to €46.8 million compared to €12.9 million last year, an increase of 263% year-on-year.

CEO STATEMENT

"With the completion of the strategic moves of the previous years, Ellaktor has now evolved into an infrastructure group with stable and predictable long-term cash flows with a focus on net profit after tax. As a result, the group's profitability for H1 2024 has significantly improved compared to the same period last year, while cash and cash equivalents stand at over €640 million at the end of H1 2024. During the current financial year, we completed the sale of the remaining 25% of ANEMOS RES to Motor Oil (MOH) for a consideration of €123.5 million and signed an agreement with MANETIAL LIMITED, a wholly owned subsidiary of MOH, for the sale of 94.44% of Elektor S.A. for a consideration of €114.7 million. By the end of the year, the latter transaction ought to be complete. Based on our full-year planning, we expect our profitability to strengthen significantly in the next two quarters."