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Iktinos: The adventure in China, the -70% plunge and the comeback of the Greek marble

Iktinos SA has completed two consecutive loss-making years, with the deputy CEO of the historic marble industry, Julie Chaida, looking for ways to reverse the unfavorable climate

The deputy CEO and main shareholder of the listed company “sees” the decline in demand from China as the main reason for this downward trend, given that until recently the Asian country absorbed 65% of sales (the dependence on Beijing has now been reduced to 35%).

Increased energy costs, higher borrowing rates and more expensive fares are additional factors that have negatively affected the results, with the company recording a loss of 7.6 million euros.

In response to the above, the administration has taken specific measures, aiming to return to profitability.

These concern the operation of four new quarries, the restructuring of loans of 11 million euros, as well as the settlement of insurance contributions amounting to 3.7 million euros.

It is also considering further penetration into RES and real estate, but also the opening of new markets, such as India and North Africa, which could contribute to further disengagement from China.

The company owns ten quarries in Northern Greece, exporting 95% of the turnover to more than 90 countries of the world, with main markets – apart from China – SE Asia, the USA, the Arabian Gulf, the Latin America and Europe.

The Greek marble of the company adorns, among others, the JW Marriott hotel in India, the Wynn Encore casino in Las Vegas, the Gold Souk shopping center in the Emirates, the French Television building in Paris, etc.