Greek companies raise profits for third year in a row in 2017, ICAP reports

Greek businesses registered a rise in profits for 2017, according to an analysis by ICAP of published balance sheets for thousands of companies.

ICAP analysed two-years’ worth of balance sheets published by 10,319 companies, except for banks and insurance companies, in order to compare year-on-year results.

The sectors covered included industrial (1,971 companies), commercial (3,376), services (3,493), tourism (730) and construction (749). The size of the companies between 2016 and 2017 is comparable.

According to ICAP’s analysis, company results improved significantly for the third year in a row, with increased sales and profits.

For example, overall turnover improved by 10.1 pct, reaching 116.96 billion euros in 2017; operational costs improved by 26.3 pct, raising operational profits; and EBITDA overall profit expanded by 17.1 pct, reaching 12.48 billion in 2017.

In total, ICAP found that 6,498 companies (63.0 pct) registered profits and 3,821 (37.0 pct) registered losses in 2017, while the comparable data for 2016 were 59.7 pct profitable and 40.3 pct loss-making.