Intrakat Group recorded a dynamic performance during the first half of 2023achieving its return to operating profitability, the an increase in turnover by 45%, the expansion of the backlog to 2.1 billion euros and the consolidation of its financial base, in the context of the ongoing strategic development plan.
According to the financial results for the first half of 2023published today, Intrakat Group’s consolidated turnover amounted to EUR 149 million, an increase of 45% (vs. EUR 103 million last year). While the backlog (of projects signed and to be contracted) stood at 2.1 billion euros compared to 1.3 billion euros on 06/30/22, an increase of 71%.
The first half of 2023 found Intrakat in a strengthened financial positionh: Consolidated pre-tax profits increased significantly to 23 million euros against a loss of 19 million euros last year. Net profits came to €17.7 million from losses of €18.4 million in the first half of 2022. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached €9 million from losses of €7 million last year corresponding period.
Equity amounted to EUR 177 million, up 194% compared to 31.12.2022, with liquidity significantly improved – cash and cash equivalents increased by 138% compared to 31.12.2022 to EUR 60 million, while net borrowing decreased by 26% to reach 94 million euros.
In addition, the Group’s capitalization approaches half a billion euros (487 million euros, based on the closing price of September 25, 2023) and is increased by 107% compared to the corresponding period last year.
Recovery and dynamic course for INTRAKAT in the 1st half of 2023
• Increase in turnover by 45%
• Return to operating profitability with pre-tax profits of €23.2 million and EBITDA of €9 million
• Net profits of 17.7 million euros
• A new record high for the backlog of €2.1 billion.
• 138% increase in cash
• Strong equity of €177m, up 194%
• Financial consolidation, with a 26% reduction in net borrowing
Commenting on the financial results of the first half of 2023, the vice-president of the Board of Directors of Intrakat and Managing Director Mr. Alexandros Exarchou stated in this regard:
«From the first moment we took over the management of the company, we made it known that our goal was to return it to profitability, the consolidation of its financial performance and its dynamic growth. Today we can now announce that this promise has been fulfilled: Our turnover has increased decisively compared to last year in less than 12 months, we have achieved the return of the company to operational profitability, we have brought in new income from energy, which is now for us strategic investment priority, we significantly improved our capital base and strengthened our liquidity. We took on several new major projectsof an iconic and developmental nature, pushing our backlog to a new historic high. We are resolutely implementing our strategic plan and with the strong support of our shareholders, we are transforming Intrakat into one of the leading groups in Greece and we lead the growth, investing dynamically in new activities and laying the foundations for the creation of a multifaceted organization, which with the imminent acquisition of AKTOR, will become a catalytic player in the market, not only in Greece, but also in the wider region of Southeast Europe ».
New flagship projects
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In the first half of 2023, Intrakat signed new project contracts worth 915 million euros, the most important of which are the following:
-Construction of an oil storage terminal – on behalf of the company ECOMAR STORAGE SOLUTIONS FZE in the United Arab Emirates in the Fujairah area, budget €352 million.
-Construction works for the construction of the Residential Tower in Hellinikon Marina. Joint venture Bouygues Batiment International – INTRAKAT, on behalf of HELLENICON S.A., with a total budget of €350 million.
-Study, construction, financing, operation and maintenance of the Northern Road Axis of Crete, Section Hersonissos – Neapoli with S.D.I.T. Joint venture TERNA, AKTOR ATE INTRAKAT with a total budget of €189 million.
-Study, financing, construction, operation and maintenance of the SW Peloponnese road axis, Kalamata – Rizomylos – Pylos – Methoni section with S.D.I.T. Joint venture AKTOR ATE – INTRAKAT, budget €239 million.
-Intrakat, through its subsidiary INTRA-S ENERGY MAE, was selected as the lowest bidder in a tender by RAAE for the construction of 3 storage stations, with a total capacity of 100 MW, in Evia and Rhodope.
Intrakat Group’s development orientation remains strongly focused on the main pillars of strategic investment and in particular construction, PPP and concessions, renewable energy and real estate development. At the same time, the integrated operational and administrative restructuring plan of the Company remains in progress with the aim of implementing its development and investment program
#Recovery #dynamic #INTRAKAT #1st
And construction, demonstrating its commitment to quality and innovation in the industry.
Intrakat Group’s Dynamic Performance in H1 2023: Return to Operating Profitability, 45% Turnover Increase, and Consolidation of Financial Base
Intrakat Group, a leading construction and infrastructure company, has announced its impressive financial results for the first half of 2023, marking a significant turnaround in its performance. The company has achieved a remarkable increase in turnover, expansion of its backlog, and consolidation of its financial base, all while implementing its strategic development plan.
Exceptional Financial Performance
According to the financial results published today, Intrakat Group’s consolidated turnover reached €149 million, representing a remarkable 45% increase compared to the same period last year (€103 million). This substantial growth is a testament to the company’s successful execution of its strategic plan, which has enabled it to capitalize on new business opportunities and strengthen its market position.
Substantial Backlog Growth
The company’s backlog, comprising projects signed and to be contracted, has grown significantly to €2.1 billion, representing a 71% increase compared to €1.3 billion on June 30, 2022. This substantial growth demonstrates Intrakat Group’s ability to secure new contracts and projects, providing a solid foundation for future revenue growth.
Return to Operating Profitability
Intrakat Group has reported a significant improvement in its profitability, with consolidated pre-tax profits increasing to €23 million, compared to a loss of €19 million in the same period last year. Net profits amounted to €17.7 million, a substantial turnaround from losses of €18.4 million in H1 2022. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €9 million, compared to losses of €7 million in the corresponding period.
Strengthened Financial Position
The company’s financial position has been significantly strengthened, with equity increasing by 194% to €177 million compared to December 31, 2022. Liquidity has also improved substantially, with cash and cash equivalents increasing by 138% to €60 million compared to December 31, 2022.
Strategic Development Plan
Intrakat Group’s impressive performance in H1 2023 is a direct result of its strategic development plan, which focuses on expanding its business activities, improving operational efficiency, and enhancing its financial performance. The company’s management team has successfully implemented a range of initiatives aimed at strengthening its competitive position, improving profitability, and creating value for its shareholders.
Positive Outlook
The company’s strong performance in H1 2023 provides a solid foundation for future growth and profitability. Intrakat Group is well-positioned to capitalize on new business opportunities, further expand its backlog, and continue to improve its financial performance. With a strengthened financial position and a solid strategic plan in place, the company is confident in its ability to deliver long-term value to its shareholders.
About Intrakat Group
Intrakat Group is a leading construction and infrastructure company operating in Greece and internationally. The company has a long history of delivering complex projects in the fields of transportation, energy,
