Greek marble industry “IKTINOS HELLAS” on upward trend
A further 10% increase is expected for the company’s profits in 2018 business year.
The founder of “Iktinos Hellas”, Mr. Evangelos Haidas, in a recent interview, attributed the growth of the company to the collective work and the objectives set at the beginning of the year to be fulfilled within 12 months.
The marbles of “Iktinos” travel to 90 countries, making company mainly exporting, with 95% of its production being sold to foreign markets, and 40% of the company’s total turnover going to China. Among its customers are Saudi Arabia, Arab Emirates, US Mexico, Far East, Singapore, Indonesia and India. The list of countries is long and constantly expanding thanks to the unique products the company has in its portfolio.
“Iktinos Hellas” has exclusive marble such as Dolomite and Volakas marble, which is sought after in foreign markets, with applications in luxury hotels, Las Vegas casinos and other units looking for luxury and glamor.
Its administration raises the bar of marble production as the new marble processing plant in Drama is commissioned by the end of March. Also, two more quarries will be added this year, one in Drama and the other in the Peloponnese, allowing for more choices on its customer base.
Evangelos Haidas expects an increase in turnover to the level of 5 million euros from the new operation unit in Drama in 2019. This year, demand is expected to move higher than in 2018. Turnover will close approximately with a 12% increase compared to the previous year and will exceed 50 million euros for the parent company, compared to 47.6 million euros in 2017, with a corresponding increase in earnings before taxes. Pre-tax earnings were just 1.4 million euros in 2016, increased by 957% in 2017. Analysts estimate that consolidated pre-tax profits will reach 17 million euros in 2018 and forecast that the 2019 earnings will be 40% of turnover.
“Iktinos Hellas” has completed investments of 29 million euros in 2018 while this year, investments will move to the level of 10 million euros and will be directed to the renewal of quarry machinery.
The achievements of the listed company and especially its high profitability have become a magnet for institutional investors. The French Fund Amiral Gestion has acquired 5% of the company’s share capital, while domestic institutional investors who believe in the administration are gaining significant returns. Among them are the equity fund 3K Greek domestic share. Mr. Evangelos Haidas argues that dividend policy will continue for the financial year 2018, giving shareholders a share of profits.
Finally, it is worth mentioning that “Iktinos Hellas” is active in wind parks and in the tourist sector by having hotels and land in Crete.
The post Greek marble industry “IKTINOS HELLAS” on upward trend appeared first on StoneNews.eu.
7:01 am January 27, 2019
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