By Harry Floudopoulos
The fact that Cenergy is now emerging as a company of the “billion” point out on the occasion of results announced yesterday company sources. According to the same sources, there are three numbers that create optimism for the further course: the sales that exceeded 1 billion euros, the outstanding which is also at the level of 1 billion euros, but also the free cash flows of 68 million . euro.
Especially regarding the backlog of the company, it is worth noting that now the Corinth Pipeworks shows a significant stock of new projects. Thus, the 1 billion unfinished projects come from 650 million euros from Hellenic Cables and 350 million euros from the Corinth Pipeworks.
According to company sources, if there was no mandatory provision of 12.8 million euros for the case of compulsory import duties in the United States, profitability would be at a higher level compared to last year. In any case, operating profitability remains good, despite the difficult year.
It is recalled that operating profitability remained stable with the adjusted EBITDA amounting to 104 million euros (2% increase on an annual basis) as a result of the successful execution of energy projects and value-added solutions. At the same time, the consolidated net profit after taxes amounted to 22.1 million euros compared to 24.9 million in 2020.
In terms of the broader outlook, the market for Cenergy remains extremely positive, as developments around the energy crisis accelerate the pace for the energy transition and therefore the implementation of the necessary projects. Both Hellenic Cables and the Corinth Pipeworks remain in excellent condition in terms of prospects for new projects, it is typically pointed out. In fact, special emphasis is given to the comeback of the Corinth Pipeworks, which has now regained its momentum and is still waiting for at least two more large projects. Regarding Cables, a series of new projects in Greece and abroad creates optimism for the continuation of the excellent course of the company.
Source: Capital
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