x

Economy

Intrakat Group Posts €3M Net Profit, Triples Backlog, and Bolsters Financial Structure

ATHENS – Throughout 2023, Intrakat Group executed its strategic plan with remarkable success, witnessing robust performance across all business segments. The company reported an impressive 83% surge in turnover, achieving a net profit of €3 million and an operating profit of €16 million, alongside a substantial expansion of its backlog.

Following the acquisition of Aktor, which was consolidated into its financials for less than two months (08/11/2023 – 31/12/2023), Intrakat Group witnessed a significant enhancement in its financial metrics. Consolidated turnover soared to €412 million in 2023, up from €225 million in 2022, marking an 83% increase, as per a related announcement.

Additionally, the Group returned to operating profitability after two years, with consolidated EBIDTA ( Earnings Before Interest, Taxes, Decpreciation, and Amortization) reaching €16 million, compared to losses of €3 million in the preceding fiscal year. Consolidated gross profit surged to €40 million from €18 million in 2022, marking a remarkable 122% increase, while profit after tax rebounded to €3 million from a loss of €24 million in 2022.

Moreover, Intrakat Group achieved a new record high in its backlog of signed and contracted projects, nearly tripling to €4.9 billion in 2023, from €1.3 billion in 2022, ensuring substantial construction work for the foreseeable future. The acquisition of Aktor contributed an additional backlog of €2.7 billion to the existing Intrakat Group.

During fiscal year 2023, Intrakat Group significantly improved both its capital structure and liquidity. Consolidated equity surged to €162 million from €60 million in 2022, bolstered by 168%, while the Group’s net borrowing decreased by 3.4% to €123 million.

The Group witnessed a substantial increase of approximately €100 million in cash reserves, amounting to €125 million compared to €25 million on 31.12.2022, with consolidated net operating cash flows strengthening to €77 million from €15 million in 2022. Intrakat’s exceptional financial performance was reflected in its capitalization, reaching approximately €815.5 million as of 19.04.2024, marking a 210% increase compared to the previous year (19.04.2023).

Commenting on the 2023 financial results, Alexandros Exarchou, Vice-Chairman of the Board of Directors and Managing Director of Intrakat, stated, “In 2023, the Intrakat Group solidified its position as one of the leading business groups in Greece. It was a year marked by the enhancement of all our financial indicators and the expansion of our market presence. The completion of the Aktor acquisition further strengthened our financial standing, providing us with the necessary size and scale for future growth.”

Exarchou added, “We are strategically focusing on Romania, which presents significant growth opportunities, and exploring avenues to expand our market share. Additionally, we are actively pursuing PPPs and concessions, offering potential recurring revenue streams over the long term, and participating in over 20 related tenders. Our collaboration with the PPC Group for investments in RES mitigates business risk in the energy sector while enhancing our growth prospects. The tangible results from the implementation of our strategic plan reaffirm our commitment to becoming a growth catalyst in South-Eastern Europe.”

RELATED

ATHENS - As he did with Albania over the jailing of ethnic Greek Fredi Beleri after winning a mayoral election, Prime Minister Kyriakos Mitsotakis said Greece will stymie North Macedonia’s hopes of joining the European Union if a new government insists on calling it Macedonia.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

What is proven, and quite clearly indeed by the article which is published in this edition of The National Herald titled ‘Church of Crete Sends Letter to Patriarch Bartholomew Telling Him Not to Interfere’, regarding the ongoing issues within the Semi-Autonomous Church of Crete, is the fact that Patriarch Bartholomew has become a captive of his own choices in general.

BOSTON – The Semi-Autonomous Church of Crete, through its Holy Eparchial Synod, sent a letter on Tuesday, April 30 to Patriarch Bartholomew in response to his inquiry about his rights regarding the Patriarchal Monasteries of the island, telling him not to interfere administratively with them, according to information obtained by The National Herald.

Fifty years ago, Syrian President Hafiz al-Assad hosted U.

‘A healthy diet’ is often a complex term, because as science progresses, research becomes more abundant, information becomes complex, and it's difficult to navigate.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.