IKTINOS HELLAS SA is also turning to new markets for the export of its marbles, after the great reduction of its sales in China, whose market has been operating since 2020 in lockdown conditions, with the trips having virtually stopped and the “placing” products to be made with… photos and videos.
However, in the two months of May-June, the Chinese market seems to be recovering, which allows optimism for its gradual recovery. In addition, despite additional pressures due to energy costs, inflation, large increases in maritime fares and supply chain turmoil, the company – which has invested an average of around € 2 million a year in recent years – continues to invest program, including for the modernization of its largest quarry in Volakas and for the new factory in the Drama Industrial Zone.
The above emerged from statements of the Deputy CEO of the listed company, Iulia Haida, during a working dinner with journalists in Thessaloniki. More specifically, the company’s exports to China in 2020 amounted to 60% of its total sales but the pandemic resulted in a reduction of around 40% in 2021 and 30% in 2022. The resulting gap, the company seeks to exports of bulk marble to India, Egypt and Tunisia (in the latter two marbles are left in bulk on ships and not in containers), but also finished and semi-finished products in South American countries such as Mexico, the USA and Arabian Gulf.
Despite the effects of the coronavirus, IKTINOS -export at 97% – achieved a marginal increase in its turnover last year, to 33 million euros from 32.6 million (+ 1%) and managed to have only a modest decline in EBITDA, in 7.2 million euros from 7.3 million euros (-1%). Profits before taxes increased by more than 150% to 3 million euros, while the company’s net debt amounted to 42.6 million euros.
In the first quarter of 2022, the decrease in sales “brought” a drop in turnover by 23% (to 6.56 million euros, compared to about 8.5 million in the corresponding period of 2021) and a decrease in profits before taxes, financial, Earnings and Depreciation (EBITDA) at € 1.16 million compared to € 2.8 million in the 2021 quarter.
IKTINOS proceeded from June 1 – due to the continuous increase of energy costs, by 8% based on January data – to adjust its tariffs, by passing the costs on to its customers. However, as Ms. Haida clarified, there are no plans for additional increases.
From Mecca and Medina to Las Vegas
Founded in 1974, IKTINOS, listed on the ATHEX since 2000, has in its portfolio impressive projects around the world, from the marbles of Mecca and Medina to Las Palmas Airport in Spain and impressive projects in Dubai, hotels in Macau (three ), Las Vegas (two) and Boston (one), Singapore, Russia and India.
The company’s total active quarries are currently ten and are located mainly in Northern Greece: Volakas, “Marvelous” and “Kalliston” in the prefecture of Drama, the three quarries of Thassos (in Thassos the blue and white marble is mined, sought after in the United States United Arab Emirates and Saudi Arabia and the one used in Mecca and Medina), three in Kavala (including the Golden Spider with which Las Vegas hotels have been invested and the Nestos quarry, the white striped marble of which is sought after in USA, Singapore and the Arabian Gulf) and one in the Peloponnese.
In the near future, the company expects the operation license of a new quarry in the area of Mandria, Drama, whose annual production is estimated at 20,000 cubic meters.
Investments
Meanwhile, the company continues its three-year investment program, amounting to 8.2 million euros for the replacement of mechanical equipment in the Volakas quarry, from where the extremely popular white dolomite marble is mined (the investment is expected to be completed in 2024), while The program of 10 million euros for its factory in the Industrial Area (Industrial Zone) of Drama is “almost completed”.
In addition, Iktinos is developing – in collaboration with the National Technical University of Athens – an innovative system of integrated supervision of ground and underground exploitation of marble quarry with geolocation technologies.
Finally, the company’s wind farm, with a capacity of 22 MW (megawatts), in the prefecture of Drama, is operating normally, based on a fixed pre-agreed sale price of the produced energy.
Source: AMPE
Source: Capital
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