IKTINOS HELLAS SA announced the financial results for the 2024 fiscal year based on International Financial Reporting Standards (IFRS).
- • The parent company's sales in 2024 amounted to 30.6 million euros compared to 23.0 million euros in 2023, recording an increase of 33%. Accordingly, consolidated sales in the entire fiscal year 2024 amounted to 31.5 million euros from 25.0 million euros in fiscal year 2023, increased by 6.5 million and a percentage of 26%.
- • The parent company's earnings before interest, taxes, depreciation and amortization (EBITDA) for 2024 amounted to 3.3 million euros from losses of 1.2 million euros. euros that had been formed in the 2023 fiscal year, showing an increase of 4.5 million euros. Accordingly, on a consolidated basis, EBITDA amounted to 3.7 million from 0.3 million euros in 2023, showing an increase of 3.4 million euros and a percentage of 1,133%.
- • The results of the parent company's Losses before taxes for 2024 amounted to 2.8 million euros, while the corresponding amount in 2023 amounted to losses of 7.5 million, showing an improvement of 4.6 million euros. Accordingly, on a consolidated basis, the results of Losses before taxes amounted to 4.7 million from 7.7 million euros in 2023, showing an improvement of 3.0 million euros.
The formation of financial figures, which showed an increase in all lines for 2024 compared to 2023, confirms the company's strategy, as it has met the challenges of the difficult business environment, which is shaped by various geopolitical, economic and environmental factors. The company is returning to positive financial figures by following the business plan it has drawn up for the years 2024-2029, based on which a further improvement in overall financial results is expected to the levels of the years before the pandemic.
At the same time, the company has initiated and is in the process of completing the restructuring of the 12.04 million euros of borrowing. During the 2024 Fiscal Year, loan liabilities and financial leasing liabilities amounted to 42.7 million euros, while the corresponding amount during the 2023 Fiscal Year amounted to 44.1 million euros.
This means that there was a decrease in borrowing by 1.6 million euros and a percentage of 3.63%. Accordingly, on a consolidated basis in FY 2024, loan liabilities and financial leasing liabilities amounted to 48.3 million euros, while the corresponding amount in FY 2023 amounted to 50.4 million euros. This means that there was a decrease in borrowing by 2.0 million euros and a percentage of 4%.
A key pillar of the company's growth and sales increase in 2024 was the further penetration into key markets such as the countries of the Arabian Gulf, S.E. Asia, India and S.America, as well as the undertaking of the supply of finished products in large projects abroad. It is noteworthy that the company has undertaken projects where the unexecuted part amounted to 5,300 million euros at the end of 2024. In parallel, a major contribution to the above growth is also the increase in dispersion and penetration in more countries, as well as the increase in sales to the Chinese market, the largest market for Greek Marble.
Despite the fact that the Chinese market has not returned and the general estimates for construction activity are moderate, the company in 2024 increased its exports to China by 15% compared to 2023, increasing the market share it holds.
The Company, following its business plan (2024-2029), has developed the exploitation of new quarries in the Drama region as well as the exploitation of the 100-acre expansion of its largest quarry in Volakas, Drama, to increase the quantity produced and improve the quality of the raw material with the aim of meeting the increased demand for marble.
It is noted that, during the first quarter, although statistically the weakest quarter of the year, the company, due to the successful implementation of its strategic plan, recorded a further increase in turnover of 12.4% compared to the first quarter of 2024.
The Company is monitoring the shocks to the global economy from the imposition of US tariffs, which has caused turmoil in global trade relations with unknown economic and geopolitical consequences, and to address the new data, it has drawn up an action plan, remaining ready for its implementation.