Return to positive ground in the first half of 2023

A return to positive ground and a reversal of the loss climate of the previous 12 months, combined with increased investment, show the 6 month results for the financial year 2023.

According to the consolidated financial statements, the group’s turnover from the sales of water supply and sewerage services amounted to 34.8 million euros compared to 33.8 million in the corresponding period last year, marking an increase of 2.83%. Cost of sales, contained despite inflationary pressures, amounted to 29.1 million compared to 28.9 million in the corresponding period of 2022, marking a slight increase of 0.71%. The gross profit amounted to 5.65 million against 4.9 million euros in the corresponding period last year, marking an increase of 15.34%. The group’s pre-tax profits amounted to 500 thousand euros compared to 564 thousand in the corresponding period last year (11.4% decrease). The increase in financial income was significant, reaching 493 thousand euros compared to 157 thousand in the corresponding period last year, an increase of 214%. Accordingly, the after-tax profits on 06/30/2023 amounted to 114 thousand euros from 9 thousand euros, an increase of 1166.48%.

Earnings before taxes, interest and depreciation (EBITDA) amounted to 2.7 million to 3.15 million in the corresponding period last year (15.32% decrease). Finally, the group’s cash and cash equivalents amounted to 65.6 million on 30/06/2023 compared to 71.5 million on 31/12/2022, reduced by 8.19%. This decrease is due exclusively to the absorption of funds for investments, in particular 5.76 million euros.

“With investments in infrastructure projects, innovative technological applications and training of its human resources, EYATH is progressing towards achieving its strategic goals: increasing turnover by 40% from 2026, reducing its water footprint by 20% and its carbon footprint by 50 % until 2030 – the second probably also from 2026. However, a reduction of the company’s energy consumption by 9.2% from 2020 to 2022 has already been achieved”, noted the president of EYATH, Agis Papadopoulos.

“We are returning to results with a positive sign, at the same time raising the stakes in the company’s investments, which in the 6 months alone reached 5.76 million euros. In general, our 2023-2028 investment plan is currently being implemented with 80 million euros projects in progress, 70 million euros projects in the contracting stage and 50 million euros in the planning stage. Our orientation is “green” and the main goal is to ensure the water supply and drainage of the Town Planning with sustainable, durable infrastructures”, pointed out Anthimos Amanatidis, managing director of EYATH. “Also, we await the completion of the tender for the supply of electricity from RES for 8 years through ‘green’ bilateral PPAs. For our consumers, finally, we now provide a modern package of online personalized services from MyEyathPortal, another important step in the digital age of the company”, concluded Mr. Amanatidis.