FHL Kiriakidis Group reports strong 2016 results

FHL Kiriakidis Group, a Greek-listed marble and granite producer, reported higher turnover and profitability in 2016, as a result of strong export activity.

The markets of China, Middle East, former Soviet Union, Singapore, South Korea and Indonesia continued being significant customers of the group last year, Kiriakidis said, noting that the company managed to raise the prices of its products and plans to preserve them in the coming years.

Sales totaled 66.5 million euros in 2016, from 45.2 million in 2015, an increase of 47 pct, while EBITDA jumped to 29.6 million euros from 14.6 million over the same period, respectively, with EBITDA margin rising to 44.5 pct from 35 pct in 2015. Net bank borrowing fell by around 3.7 million euros compared with 2015. FHL Kiriakidis plans to scrap dividend payment for 2016.

Antiohos, a company fully owned by Elias Kiriakidis, submitted an optional public offer to FHL Kiriakidis shareholders to acquire 100 pct of the listed company’s equity capital. Antiohos signed an agreement in February 6 with FHL Kiriakidis shareholders, holding 80.21 pct of the company’s equity capital, to jointly control the company. The public offer refers to 4,608,909 shares, or 19.79 pct of the company’s equity capital, at a price of 4.02 euros per share.

FHL Kiriakidis’ equity capital totals 23,053,390 euros, dividend into 23,286,253 common nominal shares of a nominal value of 0.99 euros per share.