Iktinos recorded Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the 9 months of 2024 at the parent company level, which amounted to €3.18 million, compared to €1.10 million in the corresponding 9 months of 2023, representing an increase of 189.50%.

Turnover for the 9M 2024 amounted to €22.44 million, compared to €18.22 million in the corresponding 9M 2023, an increase of 23.12%. 

In terms of profit before tax, the company reduced its loss by €1.6 million and by 48.61%, which amounted to €1.69 million, compared to €3.29 million in the corresponding 9 months of 2023. 

Total net borrowings for the 9 months of 2024 amounted to €42.4 million, compared to €43.8 million, a decrease of €1.41 million compared to 31/12/2023.

The company has completed the restructuring of its debt with ALPHA BANK, while the general framework has been agreed with ΝΒG and ATTICA BANK, and the relevant agreements are expected to be signed immediately. The restructuring relates to bond loan debentures for the years 2023-2025 with a total value of €11.05 million. 

The company has coped with the challenges of the difficult business environment, which is shaped by various factors, such as rising labour and energy costs, geopolitical and economic developments, uncertainty regarding environmental standards, as well as continuous interest rate increases by the European Central Bank until the end of 2023, and serious problems that plague the supply chain.

In addition, the decline in exports to China put pressure on the overall results of the wider Greek marble industry and significantly impacted the company's results in previous years. IKTINOS HELLAS compensated for this decline by exporting to other new markets and developing a sales network of finished products by entering into contracts for the supply of marble to major foreign projects.

From the beginning of 2024, IKTINOS HELLAS operates four new quarries: two in the Drama area with white dolomitic marble, in high demand, and two in Livadia, one with grey marble and the other with beige marble, also in high demand, which are alternatives in decorative options. To enhance its production of raw material, in addition to the above quarries, the company expects within the next few days to receive the permit for the expansion of the existing quarry of approximately 100 acres in Volakas. This expansion will result in a production increase of 20% for 2025, with continued growth in the following years. 

Based on the business plan prepared by the company for the years 2024-2029, a return to the previous years' figures is expected. This is moreover confirmed by the increase in all important figures in 9M 2024.

Finally, management is closely monitoring global market developments, promoting productivity enhancement. The objective is to further reduce production costs, which will be achieved qualitatively and quantitatively due to the better performance, a consequence of the company's investment program over the last three years.