The market views the 2023 figures released by EYATH (Thessaloniki Water Supply Organization) as particularly encouraging because they showed a significant increase in turnover and EBITDA while returning to profitability following the loss-making year 2022. In the analyst briefing, the company's management provided guidance for 2024, which is expected to be even more positive than 2023

According to the consolidated financial statements for the 2023 period, turnover amounted to €72.8 million compared to €71 million in the same period last year, an increase of 2.7%.

The cost of sales amounted to €59.1 million compared to €65.3 million in 2022, a decrease of 9.47%, mainly due to a 26% reduction in electricity costs. The group's pre-tax profit amounted to 2.6 million compared to a pre-tax loss of 4.2 million in the same period last year, an increase of 162%. Post-tax profit in 2023 was 1.2 million, compared to a post-tax loss of 3.99 million in 2022, an increase of 131%. At the same time, gross profit for the year amounted to 13.7 million compared to 5.6 million in the previous year, an increase of 145%.

The group's earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the current financial year amounted to €6.7 million compared to €0.88 million, an increase of 666%. Finally, the group's cash and cash equivalents amounted to 65.9 million as of December 31, 2023, compared to 71.5 million as of December 31, 2022, a decrease of 7.8%.

STATEMENTS

"The results for FY2023 confirm our commitment to continue to move in the direction of sustainable and responsible growth for the company: to be financially robust, outward-looking, with modern and resilient infrastructure that ensures the sustainability of our water ecosystem. We are proceeding within a strict framework of environmental legislation with a regulated pricing policy, with the Greek State as our main shareholder from August 2023. We are pleased that our energy and environmental interventions are starting to pay off for the benefit of our shareholders and consumers," said the company's president, Ayis Papadopoulos.

"Our 2023 performance confirmed our strategic focus on digital and energy transformation. "With the normalization of electricity costs in the previous financial year and, from March onwards, the undeniable competitive advantages of domestically produced clean energy, which we will enjoy through PPAs for an 8-year period, we expect to secure an even better performance," said EYATH CEO Anthimos Amanatidis.

"Of course, in addition to the economic benefits we will generate through the 'green' bilateral contracts, we will also achieve a reduction of our environmental footprint, with a positive impact on the company's valuation, as we are also listed on the Athens Stock Exchange's ESG Index," Mr. Amanatidis concluded.