Intrakat, which recorded a strengthened financial position and returned to profitability in the first half of the year, is fully prepared to take over the management of Aktor.
The vice-chairman of the board and managing director of Intrakat, Alexandros Exarchou, welcomed the decision and said: “With the acquisition of Aktor, the completion of which will be implemented immediately, Intrakat is developing into a pivotal player in the market, not only in Greece, but also in the wider region of Southeast Europe. This is a milestone in the course of our Group, which seals our dynamic growth path and our strategic choice to create a leading business pillar, with an expanded portfolio of activities, generating value for shareholders, the economy and society.”
“The acquisition of Aktor reflects the strong confidence of our shareholders in the prospects of the Intrakat Group, the construction industry and the country itself. And with this business initiative, our Group is sending a resounding message for the future: Our ambition and commitment to be a catalyst for the progress and development of the country, utilising the know-how, experience and talent of our people. We are extremely proud to see this vision of ours bear fruit,” he added.
The new, strong, entrepreneurial pillar in construction aims to lead and expand its footprint in Southeast Europe, strengthening its activities portfolio and investing in extroversion, sustainability and the creation of infrastructure that will be resilient in the future and climate change.
It is reminded that during a video conference last September, Mr. Exarchou had clarified that the interest for the "immediate future" lies in Greece and Romania, countries we are familiar with and capable of supporting the endeavor successfully,' with no anticipated expansion into other countries."
In more detail, he had explained that Aktor operates in several states, and the ambition is to establish itself as the largest construction company in Greece. "Simultaneously, we aim to focus on and augment the outstanding projects in Romania and Greece. This is sufficient for the next 2-3 years. Markets are certainly evolving, and as outstanding projects decrease, profitability increases. Expansion into other countries beyond these two will happen gradually and cautiously."
NEW FLAGSHIP PROJECTS
In the first half of 2023, Intrakat proceeded to sign new contracts for projects totaling €915 million, of which the most significant are as follows:
Construction of a petroleum storage terminal on behalf of Ecomar Storage Solutions FZE in the United Arab Emirates in the Fujairah region, with a budget of €352 million.
Construction works for the construction of the Residential Tower in Marina Hellinikon. Joint venture between Bouygues Batiment International and Intrakat, on behalf of Hellinikon S.A., with a total budget of €350 million.
Study, construction, financing, operation, and maintenance of the Northern Road Axis of Crete, Hersonissos - Neapoli section with SDIT. Joint venture of Terna, Aktor ATE, and Intrakat, with a total budget of €189 million.
Study, financing, construction, operation, and maintenance of the Western Peloponnese road axis, Kalamata - Rizomylos - Pylos - Methoni with SDIT. Joint venture of Aktor ATE and Intrakat, with a budget of €239 million.
Through its subsidiary Intra-S Energy M.A.E., Intrakat was awarded the contract by RAE for the construction of 3 storage stations, with a total capacity of 100 MW, in Evia and Rodopi.
It is noted that it was selected as the preferred investor for the SDIT project for the residences of the University of Crete.
The outstanding amount for signed and contractable projects amounted to €2.1 billion, compared to €1.3 billion on 30/06/22, an increase of 71%.
As explained by the CFO, additional projects are in the process of being contracted, the quality characteristics of which will further enhance the company's performance in the coming semesters. Specifically, the guidance is that the company will undertake projects with a margin of 10% and above."
