Net profit increase in 6 months 2024

The EYATH S.A. group showed a jump in after-tax profits in the first half of 2024, with a significant improvement in all of its financial figures.

Specifically, according to the consolidated financial statements, the group’s turnover from the sales of water supply and sewerage services amounted to € 36.8 million compared to € 34.8 million in the corresponding period last year, marking an increase of 5.71%. The increase came from the increase in consumption in household and business tariffs. At the same time, the cost of sales reached € 26.3 million compared to € 29.1 million in the corresponding period of 2023, marking a decrease of 9.83%, mainly due to the decrease in the cost of electricity by 24.6%.

The gross profit reached € 10.5 million compared to € 5.65 million in the corresponding period last year, marking an increase of 85.74%, while the group’s pre-tax profits amounted to € 4.3 million compared to € 500 thousand last year, marking an increase of 765.94%. The after-tax profits, moreover, amounted to € 3 million from € 114 thousand, an increase of 2,543.62%. Earnings before taxes, interest and depreciation (EBITDA) amounted to € 6 million compared to € 2.7 million in the corresponding period last year, an increase of 125.38%. Besides, the group’s cash and cash equivalents amounted to € 68.3 million on 06/30/2024 compared to € 65.9 million on 12/31/2023, marking an increase of 3.68%.

“For five years, our company has been implementing an integrated corporate strategy with the main concern of reducing water losses during its treatment and transport and the use of renewable energy sources, with an improvement in our energy efficiency. We reduce our environmental footprint, helping to tackle climate change, and keep our operating costs low. At the same time, as managers of the water resource, we are preparing for the developments in the issue of holistic water management in our country and the consequent mergers of the Municipal Water Supply and Sewerage Companies, some of which are expected to be included in EYATH”, noted the president of EYATH, Agis Papadopoulos.

“With a stable pricing policy already in 2019 and having overcome the burden of asymmetric energy costs by turning to “green” solutions, we are advancing our investment and business strategy always focusing on sustainable development. We strive to strengthen our activity in various directions, while at the same time reducing our footprint on the environment and natural resources. We envisage a “smart”’ future for the benefit of our shareholders, with the local community as a co-traveler”, pointed out the managing director of EYATH, Anthimos Amanatidis.