Improved results at a 9-month level are presented by Iktinos, which notes that the sales mix has changed due to the situation with the pandemic in the Chinese market and the unpredictable developments, both in the energy market and in the supply chain.
In the third quarter of 2021, Iktinos did not follow the upward trend of the first half of the year, presenting a recession which is expected to continue in the last quarter of 2021. However, the company expects to close the year 2021 with profitability.
Analytically, as Iktinos points out in its announcement, for the 9 months of 2021, at the parent company level, it recorded:
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA), which amounted to 6.6 million euros, compared to 4.8 million euros in the corresponding nine months of 2020, showing an increase of 38.4%. In the third quarter of 2021, Earnings before Interest, Taxes and Depreciation (EBITDA) amounted to 0.9 million euros, compared to 1.8 million euros in the corresponding third quarter of 2020.
– Earnings before Taxes and Interest (EBIT) for the nine months of 2021, which amounted to 4.6 million euros, compared to 3.2 million euros for the corresponding nine months of 2020, an increase of 42.7%. In the third quarter of 2021, Earnings before Interest Taxes (EBIT) amounted to 0.3 million euros, compared to 1.4 million euros in the corresponding third quarter of 2020.
– Turnover for the nine months of 2021, which amounted to 25.5 million euros, compared to 21.9 million euros in the corresponding nine months of 2020, recording an increase of 16.6%. In the third quarter of 2021, turnover amounted to 7.1 million euros, compared to 7.6 million euros in the corresponding third quarter of 2020.
– Profits before taxes amounted to 3.0 million euros, compared to 1.8 million euros in the corresponding nine months of 2020, recording an increase of 67.2%. In the third quarter of 2021, the results before taxes recorded losses of 0.2 million euros, compared to 0.8 million euros of profits in the corresponding third quarter of 2020.
– The total net debt for the nine months of 2021 amounted to 38.5 million euros, compared to 40.6 million euros, recording a decrease of 2.1 million euros, compared to 31/12/2020.
– The company proceeded for the nine months of 2021 in investments totaling 0.7 million euros, compared to 2.4 million euros in the corresponding nine months of 2020.
Marble exports in the first nine months of 2021 amounted to 96% of the company’s turnover.
Respectively, in consolidated basis for the first nine months of 2021:
– The EBITDA index amounted to 7.6 million euros, compared to 5.9 million euros in the corresponding first nine months of 2020, showing an increase of 29.6%. In the third quarter of 2021, EBITDA amounted to 1.0 million euros, compared to 2.3 million euros in the corresponding third quarter of 2020.
Earnings before Taxes and Interest (EBIT) for the nine months of 2021 amounted to 4.4 million euros, compared to 3.2 million euros for the corresponding nine months of 2020, an increase of 40.3%. In the third quarter of 2021, the
– Earnings before Interest Taxes (EBIT) amounted to 0.1 million euros, compared to 1.5 million euros in the corresponding third quarter of 2020.
– On a consolidated basis, the total net debt for the nine months of 2021 amounted to 39.6 million euros, compared to 42.6 million euros, recording a decrease of 3.1 million euros, compared to 31/12 / 2020.
– Turnover amounted to 27.2 million euros, compared to 24.1 million euros in the previous period, showing an increase of 13.0%. In the third quarter of 2021, turnover amounted to 7.7 million euros, compared to 8.1 million euros in the corresponding third quarter of 2020.
– Profits before taxes amounted to 2.8 million euros, compared to 1.7 million euros in the corresponding first nine months of 2020, showing an increase of 69.73%. In the third quarter of 2021, the Results before taxes recorded losses of 0.4 million euros, compared to 0.9 million euros of profits in the corresponding third quarter of 2020.
Effects of Covid-19 spread
The adverse effects of the pandemic were visible in all countries of the world and of course in the marble industry. The reduction of exports of processed and raw marble in 2020, compared to 2019, reached 25% for Greece and especially for our company the reduction of turnover amounted to 19.70%. The discovery of the coronavirus vaccine led to better health conditions in all markets, resulting in increased sales of the company. In particular, large projects that were suspended returned to the forefront, resulting in an increase in turnover by 16.6% in the first nine months of 2021, compared to the corresponding period of 2020.
However, the problems from the outbreak of the pandemic continue, as the fourth wave has forced many markets to reduce their activity and in many cases to close their markets completely. In particular, the Chinese market in which the company operates with more than 50% is still facing serious problems.
The Management of the Company constantly evaluates the situation and its possible effects (COVID-19) and takes all the necessary measures to maintain the viability of the Company, as well as to minimize its impact on their activities in the current business and financial environment. For the company, the safety of its employees and associates is an absolute priority and for this purpose it takes all the necessary measures in this direction.
Impact of the energy crisis
In terms of the effects of the energy crisis, the impact of the large increases observed has had an upward effect on production costs and is expected to increase overall operating costs by 7-8%. Management closely monitors developments in the energy market and estimates that it will reduce their impact, through the reduction of production costs, as a consequence of its investment program over the last three years .
One of the biggest problems of world trade and consequently of our industry is the constant increases in fares due to disruptions in the supply chain. The increase in shipping costs does not directly affect the company’s costs, as the fare is borne by the customer, however it has an impact on the company’s sales, as the total acquisition cost for the customer increases.
Outlook – assessment of the development of activities during the fourth quarter of the fiscal year
Due to the current situation with the pandemic in the Chinese market and the unpredictable developments, both in the energy market and in the supply chain, the company is trying to reduce its risk of dependence on this market and has focused its strategy on increasing dispersion. , but also the sales of semi-finished and finished products, changing the sales mix with an increase of 40% of these products in the first nine months of 2021, compared to the corresponding period last year with simultaneous stabilization, at last year’s levels, in sales of raw materials.
The company is expected to be profitable for the year 2021, however the third quarter of 2021 did not follow the upward trend of the first half of the year, showing a recession which is expected to continue in the last quarter of 2021.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
