N. Georgiadis: “We are making significant investments”

The reinforced social profile of EYATH through the implementation of its new pricing policy which has resulted in tariff reductions, increased provisioning for new international accounting standards and increased energy costs are reflected in the financial results of the first half of 2019 of EYATH.

Specifically, turnover amounted to EUR 35.6 million compared to 39.4 million in the corresponding period last year (a decrease of 9.58%), pre-tax profit amounted to 10 million euros versus 14.98 million euros. (decrease of 33.05%), while after-tax profits amounted to 6.6 million from 10.8 million (decrease of 38.85%). Earnings before interest, taxes and depreciation (EBITDA) of EYATH SA Group amounted to € 12.98 million in the first half of 2019 compared to 17.2 million in the corresponding period last year, showing a decrease of 24.53%. Cash on hand on 30thJune 2019 stood at € 82.7 million over € 71.6 million in the corresponding period last year, an increase of 15.47%.

“The results of the first half were mainly influenced by the increased cost of energy and the forced implementation of a new accounting standard, which led to higher forecasts of impairment, coupled with reduced revenues from water consumption. Therefore, our focus for the second half of this year will be on improving our operating performance and utilizing our cash flow to implement our investment program. At the same time, we are continuing the transformation of our company, ”said Narkisos Georgiadis, CEO of EYATH SA.

“Always adhering to the procedures foreseen in public works legislation, we are at the starting point of significant investment, with the aim of further improving the services provided to consumers and the quality of life of Thessaloniki. Despite the declining profits of the first half of 2019, the company’s continued sound financial and cash base allows us to invest in large projects creating prospects for the future of the city in line with our strategic plan, ”concluded Mr. Georgiades.