Iktinos’ performance so far involves return to profitability, a steady course according to its business plan, new projects abroad and an increase in production. The management, however, underlined that the company is also focused on offsetting the losses from the China market.
According to the current figures, the company has succeeded in tripling its exports to markets such as India, Egypt and Tunisia. Moves have also been made in other new markets in South America and SE Asia. At the same time, Iktinos also proceeded with organized moves regarding the change of its sales mix by developing a sales network of ready-made products by undertaking the supply of marbles for large projects abroad.
Additional projects amounting to 10 million euros
These actions seem to be paying off and Iktinos has already undertaken and is implementing projects with a total value of 12,000,000 euros. More specifically, three US projects worth 4,500,000 euros, projects in Vietnam worth 5,000,000 euros and projects worth 2,500,000 euros in Turkmenistan, while the final confirmation of new orders for the supply of marbles, worth 10,000,000 euros in other countries is also expected.
According to the data for the five-month period of 2024, the sales of the parent company amounted to 11.9 million euros compared to 10.2 million euros in the corresponding period last year, marking an increase of 1.7 million euros (+16.1%). During the same period in 2024, the consolidated turnover stood at 12.9 million euros from 11.1 million euros, an increase of 1.8 million euros and a percentage of 16.3%.
It should be noted that the company completed the restructuring of its lending with Alpha Bank, while the general framework has been agreed with National Bank of Greece and Attica Bank and the relevant contracts are expected to be signed immediately. The restructuring concerns bond loans for the years 2023-2025 with a total value of 11,049 thousand euros.
With reference to the previous financial year, the management of Iktinos emphasized that 2023 was a negative year and a number of factors contributed to this, including the increase in labor and energy costs, geopolitical and economic developments, uncertainty regarding environmental standards, the continuous increases in interest rates by the European Central Bank as well as the serious problems plaguing the supply chain, such as the closure of the Suez Canal resulting in an increase in freight rates and the time of transportation of goods and finally the pressure from global competitiveness.
Also, the drop in exports to China pressured the overall results of the wider Greek marble industry. The Chinese market has yet to recover, despite predictions of a recovery after the country opened up. In the pre-pandemic years, Iktinos’ exports to China amounted to 60% of turnover, but they dropped to 35% due to the problems of the construction activity in the Chinese market.
