After 11 loss-making quarters, the Ellaktor group returned to profitability. Ellaktor SA is a multinational Greek construction group with operations spanning various sectors of public and private development in ten countries.
According to the financial results of the first quarter announced by the listed company, it recorded comparable profits after taxes of 14 million euros against losses of 9.1 million euros in the corresponding period last year.
Notes included in the announcements also include the zeroing of losses in the construction sector (Aktor) as well as the outstanding balance of 2.5 billion euro worth of projects.
Commenting on the Financial results of the Q1’22, the CEO of ELLAKTOR Group, Efthymios Bouloutas, mentioned:
«The Q1 2022 financial results validate the Group’s positive performance momentum, as this was also reflected in the annual results of 2021, and restores ELLAKTOR’s net profitability for the first time since 2019 (or after 11 loss-making quarters), reaffirming the strategic goals of the management. With Profit After Tax (1) of €14m, comparable EBITDA(1) of €67.3m. and the EBITDA margin at the highest point of the last 4 years, now reaching 31%, the Group leaves behind a lengthy period of negative results and gets in the trajectory of achieving 2022 targets .
It is worth mentioning that our operations in construction, with backlog currently standing at €2.6bn, achieved a marginally positive operating profit, following many years of accumulated losses.
Following the participation of MOTOR OIL (HELLAS) CORINTH REFINERIES (MOH) as a new shareholder, with a 29.9% stake, in the share capital of ELLAKTOR, the Group received an Offer by MOTOR OIL (HELLAS), in which they expressed their interest for the acquisition of a 75% equity stake in a newly formed entity comprising Ellaktor’s Renewable Energy Sources assets (“RES”). Following the above, Ellaktor is in the process of assessing and evaluating MOTOR OIL (HELLAS) proposal and has appointed a financial advisor to provide ‘fairness opinion’
Despite the challenges arising from the military conflicts in Ukraine and the inflationary pressures, ELLAKTOR Group, having concluded its vital course of restructuring, and with new shareholding structure, re-enters into the competitive environment and is ready to perform a leading role in the construction sector, aiming at the creation of stable and long-term value for the shareholders, the employees and the Greek society”.
You can find a detailed PDF of Q1 results HERE