By Harry Floudopoulos
The third quarter and 9 month results announced by Cenergy certify the positive course of the company, with the adjusted operating profitability of EBITDA amounting to 34.4 million euros for the quarter and 82.06 million euros for the nine months.
The management of the company considers as an extremely important development the fact that the backlog of projects increased from 600 million euros in June and 500 million euros last December, to 800 million euros. Equally important is the fact that in addition to the cable sector, which is in the spotlight due to the high demand for interconnection projects, the pipeline sector is also recovering, which had a very good quarter and is returning to a full production process. Specifically, the pipeline industry returns to the levels it was before the pandemic and the imposition of import duties in the US. It is noted that the pipe industry returned to profitability, contributing 35 million euros to Cenergy’s operating profitability. The industry is currently completing an order from Italian Snam for pipes destined for the Italian market as well as another order for pipes in Israel.
According to information, the announcement of the undertaking of another large project is imminent, which is expected to restore the pipeline industry to an excellent productive situation. At the same time, the company is monitoring developments in the US market regarding the lifting of tariffs on imports of steel products from the EU and is preparing to take advantage of the market revitalization, as well as new opportunities.
As far as the cable industry is concerned, the momentum remains strong, while as the company states, it continues to explore possible business collaborations abroad in order to utilize the know-how in submarine cables and to benefit the company from the proven global interest in offshore wind. parks.
As the company points out, it expects a positive year, with stable revenue streams and satisfactory operating margins, as its companies’ advanced technology products and their robust operating structure are the basis for sustainable sustainable growth and development.
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Source From: Capital
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