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9-month profit up 29.2%, revenue up 29.2% to €2.5 billion | TheGreekDeal.com
GEK Terna
9-month profit up 29.2%, revenue up 29.2% to €2.5 billion
Net profit attributable to shareholders of GEK Terna Group adjusted for non-operating results increased by 29.2% to €114.6 million (of which €96.1 million from continuing operations) in the first nine months of 2024.
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Net profit attributable to shareholders of GEK Terna Group adjusted for non-operating results increased by 29.2% to €114.6 million (of which €96.1 million from continuing operations) in the first nine months of 2024.

Operating profitability (adj. EBITDA) increased by 9.5% in the same period, amounting to €433.9 million (of which €279.2 million from continuing operations), boosted by the construction, concessions, and renewable energy sectors, with an adj. EBITDA margin of 17.5% compared to 15.7% in the corresponding Nine Months of 2023.

Total Group revenues for the nine months of the year amounted to €2,482.7 million (of which €2,233.2 million from continuing operations) compared to €2,529.4 million in the corresponding period of 2023.

The implementation of GEK TERNA Group's strategic plan has continued uninterrupted since the beginning of the year, with the aim of making the group a leader in the infrastructure sector at the European level, with results now visible, the announcement said. "Starting with the most recent and emblematic developments, the successful completion of the transfer of TERNA ENERGY to Masdar significantly helps to crystallize value for shareholders and provides significant liquidity to accelerate the group's investment plan. Another important development is the start of the 25-year concession period from 06.10.2024 under the Group's management of one of the most efficient road axes in Europe, Attiki Odos, with the project showing its dynamics already from the first days of operation, with traffic at the 10-month level increasing by 5.6% (October + 6.8%), exceeding initial estimates, while its operation already from the last quarter of the year will boost the Group's figures. The new gas plant in Komotini with a total capacity of 877 MW (50-50 C/O with motor oil) is already in trial operation, with commercial operation expected within the first quarter of 2025, when it will be the largest and most efficient gas plant in the country (64% efficiency). In addition, the 35-year concession period of the country's largest road axis, the Egnatia Odos, is also set to begin in early 2025. As for the new international airport in Kastelli, Crete, construction is proceeding at a fast pace, with construction progress already exceeding 40% and completion expected in the next 2 years. At the same time, preparatory work for the integrated tourist complex project at Elliniko is progressing, with main works expected to start early next year. Finally, processes are continuing for the signing of the concession contract for BOAK, the largest new motorway in Europe, within 2025," the company notes.

"Simultaneously with the maturation of the projects already contracted, the Group has in recent periods managed to increase its footprint in the infrastructure sector, adding new projects totalling EUR 1 billion, including water and waste management projects. Finally, the group continues to prepare and consider participation in a significant number of projects expected to mature in the coming periods. The Group's vertical integration, deep domain knowledge, and systematic commitment to the infrastructure sector, combined with its strong financial structure, are expected to continue to be key competitive advantages and support the Group in securing new projects on satisfactory terms for all parties," the statement added.

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