Greek carpet firm Biokarpet registers increase in turnover and EBITDA

Biokarpet, the seven decade old Greek carpet manufacturer, is rebounding through the crisis, recording a significant increase in turnover by 46% during the first half of 2022 compared to the first half of 2021 and a large increase in financial results, i.e. profits before taxes of €7.51 million compared to profits of €1.90 million in the first half of 2021, the listed company noted in an announcement.

According to an announcement, the company recorded EBITDA of €12.16 million compared to €6.19 million in the first half of 2021, an increase of 96%. The significant increase in financial figures is mainly due to the performance of its subsidiary EXALCO SA.

The group

Group net sales amounted to €131.48 million in the first half of 2022 compared to €90.06 million in the corresponding half of 2021. An increase of 45.99%.

Group exports amounted to €83.36 million in the first half of 2022 compared to €45.65 million in the corresponding half of 2021. An increase of 82.61%. Exports constitute 63.39% of the total turnover. Domestic sales amounted to €48.14 million in the first half of 2022 compared to €44.40 million in 2021, an increase of 8.42%.

The consolidated profits (losses) before taxes, financing, investment results and depreciation (EBITDA) amounted to €12.16 million in the first half of 2022, compared to €6.19 million in the corresponding half of 2021. An increase of 96, 44%.

The consolidated pre-tax results amounted in the first half of 2022 to profits of €7.51 million, compared to profits of €1.90 million in the corresponding half of 2021. An increase of 295.26%.

In the first half of 2022, the group shows net profits after taxes and after deducting minority rights of €7.04 million, compared to profits of €1.20 million in the corresponding half of 2021. An increase of 486.67%.

Parent company

Company net sales amounted to €2.76 million in the first half of 2022 compared to €1.71 million in the corresponding half of 2021. An increase of 61.40%. The Company’s results before taxes, financial and investment results and depreciation (EBITDA) during the 1st half of 2022 amounted to a (0.14) million € loss compared to a profit of 0.21 million € in the corresponding half of 2021. A decrease of 167, 02%.

The pre-tax results of the first half of 2022 amounted to a loss of €1.02 million compared to a loss of €0.68 million in the corresponding half of 2021. Losses increased by 50.01%.

The total net results after taxes for the first half of 2022 amounted to a (0.93) million € loss, compared to a (0.69) million € loss in the corresponding half of 2021. Losses increased by 34.78%.

The management of the group consistently and continuously implementing the investment plan it has designed for the modernization of the production process achieved spectacular financial results during the first half of 2022. The increase in productivity, the reduction of production costs and the service of customers with products of high added value and quality are the dominant goal of the group’s Management.

Investments

Referring to the progress of previously announced investments, the company announced:

  • the completion of construction of the new 6000m2 aluminum products storage space in Koulouri Larissa
  • the new aluminum extrusion press with a capacity of 11,000 tons per year has been received and its installation in Koulouri Larissa begins. It is expected to be operational by the end of the year
  • the completion of the 10MW PV plant for the company BIOCARPET SA is expected to be connected to the grid within September. Already the group has 20MW in operation.
  • The completion of the construction of a 100MW capacity substation.
  • Efforts are being made to utilize and exploit the license for 50 MW PV held by subsidiary EXALCO SA.
  • Also among the goals of the management of the group is to build 10 MW PV plants for EXALCO SA and 5 MW for the company BIOKARPET SA based on the licenses held by the companies.

Regarding the forecast for the group’s course in the 2nd half of 2022, geopolitical developments and the energy crisis have affected the market and any forecast in this environment becomes precarious, however the excellent results of the 1st half offer optimism for continuity and are a guarantee for the group’s upward trajectory.