The turnover of the Ellactor group increased in the third quarter of the year. In particular, the group’s revenues increased by 7% compared to the third quarter of last year, and by 22% compared to the second quarter of the year and amounted to 244 million euros in the period under review. At the 9-month level, the group’s turnover fell by 4% on an annual basis, reaching 638 million euros.
At the same time, the group returned in the third quarter to profit before taxes of € 8 million after 6 quarters of negative results.
Ellactor Group also recorded a significant increase in Operating Profit in the third quarter, with Profit before Interest and Depreciation Tax (EBITDA) at € 48.8 million (+ 25% on an annual basis) Profit before Interest and Depreciation Tax (EBITDA) 20M at € 98.5 million (-11.5% on an annual basis). It also showed an increase of the comparable Profits before Taxes, Interest and Depreciation 9M 2021 by 12% to € 125 million.
Commenting on the results, the CEO of the group Efthymis Bouloutas stated: During the Nine Months of ’21, the main areas of activity of the Group, showed healthy growth rates both in terms of turnover and operating profitability, despite the challenges due to restrictive measures for dealing with the pandemic. In the Construction sector, the turnover of DG quarter ’21 moved higher compared to the corresponding period of ’20 (+ 9%), while there was a decline in operating profit for the nine months, as a result of the gradual release from unprofitable markets and activities , while in addition there was a burden on the results due to the negative outcome of arbitration for a project in Qatar. It is worth noting that the Group in terms of results before taxes went into profitability in the third quarter ’21 (+ € 8 million) after 6 quarters of negative results. The comparable profits before taxes, interest and depreciation of the group amounted to € 125 million, showing an increase of 12%, compared to the 9M of ’20. In the context of the operational and financial reorganization of the Group, the reduction of operating expenses continues at an intensive pace and with visible results, while the successful completion of the Share Capital Increase of € 120.5 million, shields the capital structure and strengthens liquidity. bases for profitable growth in all activities. ”
See the whole announcement of Ellactor in the right column “Related Archives”
Source From: Capital
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