Intrakat Group's net profitability for 2023 is €3 million, while operating profitability is €16 million. According to the financial results published by the group, the backlog tripled to €4.9 billion. Turnover also rose sharply to €412 million.
In detail, having completed the acquisition of Aktor, which is incorporated in its financial results for less than two months (08/11/2023–31/12/2023), the Intrakat Group significantly strengthened its figures, with consolidated turnover reaching €412 million compared to €225 million in 2022, an increase of 83%.
At the same time, the Group made a dynamic return to operating profitability after 2 years, with consolidated EBIDTA at the level of €16 million, compared to a loss of €3 million in the previous financial year. Consolidated gross profit reached €40m from €18m in 2022, up 122%, while profit after tax reached €3m from a loss of €24m in 2022.
At the same time, the Group achieved an all-time high in the backlog of projects signed and to be contracted, which almost tripled to €4.9 billion (from €1.3 billion in 2022), securing significant construction work for the foreseeable future. The acquisition of Aktor added a backlog of €2.7 billion to the Group's existing Intrakat backlog.
In FY2023, the Intrakat Group succeeded in significantly improving both its capital structure and liquidity. In particular, consolidated equity reached €162 million from €60 million in 2022, an increase of 168%, while at the same time the Group's net debt decreased by 3.4% to €123 million.
A large increase of around €100 million was recorded in the Group's cash and cash equivalents, which amounted to €125 million compared to €25 million at 31, 2022, while it is worth noting that consolidated net operating cash flow also strengthened extensively, reaching €77 million from €15 million in 2022. The Group's excellent financial performance was reflected in Intrakat's market capitalization, which stood at approximately €815.5 million on April 19, 2024, an increase of 210% compared to April 19, 2023.
STATEMENT OF CEO
On the occasion of the release of the 2023 financial results, Intrakat's Vice Chairman of the Board and CEO, Mr. Alexandros Exarchou, stated: "In 2023, Intrakat Group established itself as one of the leading business groups in Greece. It was a year that marked the improvement of all our financial indicators and the expansion of our footprint in the market. The completion of the acquisition and integration of Aktor, which confirmed our view that it would further improve our financial position, gives us the necessary size and scale we need to grow, looking ahead to the period after the completion of the Recovery Fund projects and with an eye on the beginning of the next decade."
Mr. Exarchou continued: "We are strategically repositioning ourselves in Romania, which offers tremendous growth potential, and we are exploring its market to expand our sizes and become bigger. And we are turning decisively to PPPs and concessions, an area that promises recurring revenues over many years and we are already involved in over 20 related tenders. While the agreement we are implementing with the PPC Group for the joint implementation of investments in renewable energy sources reduces the business risk in the volatile energy field and, at the same time, increases our growth prospects,. We took over the management of Intrakat less than two years ago and we are now seeing tangible results from the implementation of our strategic plan, which is aimed at strengthening our Group and making it a catalyst for growth in Southeastern Europe."
