EYATH: Back to profitability in 2023

EYATH returned to profitability in 2023, with EBITDA profits showing an increase of 666%, as announced during today’s presentation to financial analysts at the company’s headquarters, at Egnatia St. 127.

According to the consolidated financial statements for the period of 2023, the turnover amounted to 72.8 million euros compared to 71 million in the corresponding period last year, marking an increase of 2.7%. Cost of sales amounted to 59.1 million euros compared to 65.3 million in 2022, a decrease of 9.47% mainly thanks to a 26% decrease in electricity costs. The group’s pre-tax profits amounted to 2.6 million to pre-tax losses of 4.2 million in the corresponding year last year, marking an increase of 162%. After-tax profits in 2023 stood at 1.2 million to after-tax losses of 3.99 million in 2022, an increase of 131%.

At the same time, the gross profit for the year amounted to 13.7 million euros against 5.6 million in the previous year, an increase of 145%. The group’s earnings before taxes, interest and depreciation (EBITDA) in the current fiscal year amounted to 6.7 million euros to 0.88 million, marking an increase of 666%. Finally, the group’s cash and cash equivalents reached 65.9 million on 12/31/2023 compared to 71.5 million on 12/31/2022, a decrease of 7.8%.

“The results of the year 2023 confirm our commitment to continue moving in the direction of the company’s sustainable and responsible development: to be financially robust, extroverted, with modern and durable infrastructures that ensure the sustainability of our water ecosystem. We operate within a strict framework of environmental legislation, with a regulated pricing policy, having the Greek State as our main shareholder from August 2023. We are happy that our energy and environmental interventions have started to pay off for the benefit of our shareholders and consumers”, said the company’s president, Agis Papadopoulos.

“Our performance in 2023 confirmed our strategic targeting for digital and energy transformation. The normalization of electricity costs in the previous fiscal year and, from March onwards, the indisputable competitive advantages of domestically produced clean energy, which we will enjoy through PPAs for an 8-year period, we expect to ensure an even better course for us”, he pointed out the managing director of EYATH, Anthimos Amanatidis. “Of course, in addition to the financial benefit we will generate through the “green” bilateral contracts, we will also achieve a reduction in our environmental footprint, with a positive impact on the company’s valuation, as we are also listed on the ESG Index of the Athens Stock Exchange”, concluded Mr. Amanatidis.

From the left, EYATH Financial Director, Dimitris Alexandris, company president Agis Papadopoulos and managing director Anthimos Amanatidis, at today’s presentation at EYATH headquarters.