The company "IKTINOS HELLAS SA", with a sense of responsibility towards its shareholders, employees, customers and all its affiliates, closely monitors the developments regarding the spread of COVID-19 in our country and has taken all appropriate measures for the protection and prevention from the coronavirus and the prevention and control of its spread, with the aim of protecting employees and safeguarding public health in general. The measures taken are in accordance with the guidelines and recommendations of the National Public Health Organization (NPHO), the General Secretariat for Civil Protection (GSCP) and the World Health Organization (WHO).
For such a principal export product, such as the Greek marble, the impact of the global crisis is a source of risk, and is expected to affect the turnover of 2020. China is no longer at the heart of the pandemic as it was in the first quarter of 2020; however, this does not mean that business in the country is running smoothly as factories are recovering at the moment. Sales to China in the first quarter of 2020 declined sharply, while a decline is expected in the second quarter as well. Recovery is forecasted in the second half of 2020. It is noted that 96% of the sales of IKTINOS HELLAS SA is directed to overseas markets, while over 50% of exports is directed to to China. The US, the Arab Gulf countries and Europe also have a significant share of the company's exports. Consequently, the movement of the pandemic to these countries is changing the situation for the company, presently for an unknown period.
The company had a 24% turnover increase for the first 45 days of 2020. But since the spread of COVID-19 there has been a 40% drop in turnover, resulting in a 22% turnover decline in the first quarter of 2020. The environment at the moment does not allow us to make particularly secure predictions about the future as it is unknown when the situation will return to normal pace.
The company currently has the available cash and the appropriate financial tools – financing flows from the banking system, and is able to maintain jobs and cope with the global crisis.