40.8 million euros of profit for Pavlidis marble industry in 2017
Sales over 107.5 million euros and profit 40.8 million euros in 2017 for the Greek marble and granite mining and processing company “Pavlidis”, following the acquisition of the Mermeren Kombinat AD Prilep quarry in FYROM.
“Pavlidis S.A. Marble – Granite” was founded in 1980. It is located in the Industrial Area of Drama and derives more than 90% of its revenues from the international market and mainly from the Chinese market. It exploits five marble quarries in the prefectures of Drama and Kavala in Greece, as well as quarries in FYROM and Bulgaria, through affiliates. It also imports and processes granite. It exports marble blocks and slabs as well as finished marble products mainly in the Far East and Southeast Asia, but also in Arab countries, the United States, Latin American and European countries.It is one of the most important white marble companies in the world, and is specialized in the extraction and processing of white and semi-white marble. It has marble blocks as well as finished marble and granite products, such as slabs and tiles. It exports to around 40 countries, with about 85% of its sales coming from third, non-European countries, and mainly from the Chinese and other Southeast Asian markets.
In 2017, the company acquired a Dutch holding company, Stone Works Holdings Cooperatief, for 73.65 million euros, and through it acquired 88.4% of Mermeren Kombinat AD Prilep in FYROM. It also controls the alike company Stone Production BG in Bulgaria.
According to the first consolidated balance sheet after the acquisition of the subsidiaries, the company’s total income in 2017 was 107.54 million euros, increased by 72.8% from 62.22 million euros in 2016. 83.9% of the company’s revenue (90.19 million euros) came from marble blocks, 15.2% (16.35 million euros) from finished and semi-finished products, 0.6% (0.69 million euros) from services and the rest 0.3% (0.31 million euros) came from goods.
In 2017, the company’s gross profit margins were 68.55 million euros, increased by 68.7% than 40.64 million euros in 2016 (+27.91 million euros). The consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) were 58.82 million euros (54.7% of total revenue), increased by 76.7% than the relevant profit of 33.28 million euros (53.5% of total revenue) a year before. Also, the depreciation and amortisation cost was 3.375 million euros (2.08 million euros in 2016) and interest charges and other related expenses were 1.51 million euros (0.11 million euros in 2016). Consolidated pre-tax profits reached the amount of 54.22 million euros while after taxes the net profit was 40.795 million euros, increased respectively by 74.4% (+23.13 million euros) and 84.8% (+18.72 million euros) than 2016. The group’s earnings after taxes represent 40.9% of the return on equity capital while the group’s pre-tax earnings represent 50.4% of the total sales.
In December 31, 2017, the industry had 47.66 million euros cash and cash equivalents (68.37 million euros in December 31, 2016).
In 2017, completing 37 years since its inception, the parent company’ s sales were 81.40 million euros, increased by 30.8% than in 2016, representing 75.7% of the consolidated ones. Earnings before interest, taxes, depreciation and amortisation were 44.27 million euros, while in 2016 they were 33.285 million euros (+33%). Pre-tax profit rose from 31.10 to 42.02 million euros (+35,1%), while after-taxes profit were increased by 35.1% from 22.08 million euros in 2016 to 29.83 million euros in 2017.
President of the group is Mrs. Christine E. Pavlidou, CEO Mr. Christoforos E. Pavlidis and vice-president Mr. Kyr. E. Pavlidis of the founders and shareholders family. General director of the group is Mr. N. G. Dimarelis. Christ. Pavlidis owns 35.42% share, Christine Pavlidou 30,02%, Kyr. Pavlidis 14,56%, Ach. Chatzopoulos 10,00%and Marina Athanasiadou 10,00%. In June 2017 the group distributed dividends of 14.11 million euros to its shareholders, while out of the 2017 profit it has a dividend of 2.37 million euros. By the end of 2017 the group had 773 employees, 391 of which were employed by the parent company.
The company also operates in the energy sector, with privately owned photovoltaic parks with a total capacity of 5 MW and wind farms with a total capacity of 18 MW. The group has also announced plans to implement an investment program of 70 million euros at the development of wind farms in northern Greece.
8:24 am August 22, 2018
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Ali Shafiei – CMO
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Hossein Shafiei – CEO
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