The company Kordellos Bros. announced that in the third quarter of 2021 it recorded a significant increase in sales compared to the corresponding period of 2020 (+ 27.3%), continuing the upward trend it had recorded in the first half of the year. The total sales of the nine months (01.01 – 30.09.2021), amounted to 40.4 million euros, increased by 56.4% compared to the corresponding period last year.
At the same time, during the third quarter, EBITDA increased by 2.1 million euros, while in the whole nine months they amounted to 7.5 million euros, compared to 694 thousand euros in the nine months of 2020. Meanwhile, operating profit ( EBIT) maintained its upward trend during the third quarter, showing a further increase of 1,008 thousand euros, with a cumulative result of 6.2 million euros over the nine months.
As stated in the relevant announcement: “The loan position of the company does not show any change in relation to the published data of 30.06.2021, while the capital structure appears improved due to the continued high profitability that increases equity.
The COVID-19 pandemic and the restrictive measures applied to deal with it, did not have a significant impact on the smooth operation of the company, while the apparent departure from the Government’s choices of a general lockdown positively affects the short-term support of the Company’s growth. and contributes to maintaining high yields until the end of the year 2021.
The inflationary pressures exerted due to the increase of energy costs and the problems in the international supply chain have a small participation in the formation of the Company’s results and are not expected to affect them until 31.12.2021.
The stabilization of international steel prices at high levels in the second half of 2021, increased the cost of replacing goods, resulting in a correction of the gross margin is expected by the end of the year, which will not lead to a significant change in economic figures. the company’s.
Demand for steel products remains strong but shows signs of fatigue, mainly due to high prices that act as a deterrent to new investment. However, a significant increase in demand is expected in the near future due to the infrastructure projects that have been launched, which will be further strengthened by a possible price correction, creating the conditions for the continuous development of the Company “.
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Source From: Capital
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