Ellaktor said earnings before taxes, interest and depreciation (EBITDA) rose 46% to 242.2 million euros in 2023 compared to 2022, with an EBITDA margin of 63%.
Profit before tax (PBT) amounted to 143.6 million euros compared to 28.8 million euros in 2022, an increase of 400%. Net profits from continuing operations amounted to 116 million euros versus losses of 2.6 million euros last year.
The Group presented positive operating cash flows of 73.5 million euros and net liquidity of 308 million euros on 31.12.2023 compared to 152 million euros on 31.12.2022. The cash and cash equivalents of the Group amounted to 521 million euros on 31.12.2023 compared to 364 million euros at the end of 2022. Total equity amounted to 975 million euros, i.e. 2.80 euros per share.
Equity attributable to the majority shareholders amounted to 897 million euros, i.e. 2.57 euros per share.
Commenting on the 2023 financial results, the company’s CEO Efthymios Bouloutas said: “2023 was a pivotal year for Ellaktor Group, with total net earnings from continuing operations of 116 million euros, and net and operating profitability registering 10-year highs. This substantial profitability was premised on a consistent operating restructuring and the active management of the Group’s assets. The Group is now focusing on profitably growing continuing operations and generating stable, predictable cash flows. During 2023, the Group concluded two significant transactions; the sale of AKTOR and the sale of retail park Smart Park, while during Q1 2024, we disposed of our remaining 25% stake in Anemos RES. As a result, our Group’s total liquidity currently exceeds 700 million euros. Leveraging the outstanding quality and know-how of our people and the substantial liquidity buffers, we are poised to play a leading role for the benefit of our shareholders, employees and society.”
