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Avax: Turnover and EBITDA increase in nine months

Avax recorded an emphatic increase in revenue and EBITDA in the nine months of 2021 on an annual basis, with the turnover recording an increase of 38.7% at group level, however, the net profits amounted to € 3.2 million, compared to € 8.9 million. at the same time last year.

Analytically:

Avax: Turnover and EBITDA increase in nine months

The turnover of the Group in the nine months of 2021 amounted to € 521.0 million, recording an increase of 38.7% compared to € 375.7 million in the corresponding period of 2020, while in the third quarter of 2021 the consolidated turnover amounted to € 196.7 million marking an increase of 70% compared to € 115.7 million in the comparable quarter of 2020.

The increase in revenue this year is mainly due to the continuing smoothing of the impact of the restrictive measures to deal with the covid-19 pandemic last year, and several projects have entered an advanced stage of completion, such as the Greek-Bulgarian Pipeline IGB, the project ” Ston Bypass ”in Croatia and the major energy project in Iraq.

The increased activity of the nine months of 2021, however, was accompanied by higher tariffs for the supply and transport of construction materials, increased energy costs and loss-making operation of the energy sector, a phenomenon which intensified in the third quarter of the year. As a result, the Group’s gross profitability improved, albeit at a slower pace compared to turnover, amounting to € 31.8 million in the nine months of 2021 compared to € 28.3 million in the comparable period of 2020.

The contraction of the gross profit margin is due to the negative performance of the energy sector, which overshadowed the significant improvement recorded in the first nine months of 2021 in the activity and profitability of the construction and concession sectors compared to the corresponding period of 2020.

The impact of the general recovery of economic activity in the domestic market is reflected in the travel & transportation through the increased by 26.5% income from the Group’s participations in road infrastructure concessions, which amounted to € 22.6 million in the nine months of 2021 compared to € 17.9 million in the corresponding period of 2020. Respectively, the operating profit before taxes and financial expenses of the Group in the nine months of 2021 increased by 10.3% to € 25.2 million compared to € 22.8 million in the corresponding period of 2020 , while at company level the operating profit for the nine months of 2021 reached € 18.5 million compared to € 21.3 million in the comparable nine months of 2020. The Group’s pre-tax profits in the nine months of 2021 amounted to € 6.7 million against € 5 , 4 million in the corresponding period of the previous year, while in the third quarter of 2021 a pre-tax loss of € 1.0 million was recorded compared to a loss of € 0.8 million in the comparable quarter of 2020.

Based on net result after taxes and non-controlling interests, in the nine months of 2021 the consolidated net profit of the Group reached € 3.2 million compared to € 8.9 million in the nine months of 2020. In the third quarter of 2021, the Group presented net loss of € 2.2 million compared to a loss of € 1.4 million in the corresponding quarter of 2020. Profit before taxes, financial expenses and depreciation (EBITDA) for the nine months of 2021 for the Group amounted to € 40.2 million against € 34 , 5 million in the comparable period of 2020, while in the third quarter EBITDA amounted to € 8.1 million for the Group compared to € 7.8 million in the last quarter.

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Source From: Capital

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