A guaranteed strong growth trajectory in 2023 discounts Cenergy Holdings’ outstanding orders at the end of 2022, which passed the €2bn barrier. The 2022 results announced yesterday by the company reflect, on the one hand, the high profitability and dynamic growth of Hellenic Cables, and, on the other hand, the recovery of Corinthian Pipe Works, which has returned to profitability.

In 2022, Cenergy Holdings benefited from improved energy conditions as demand for steel pipes recovered and the cable business continued to grow in both submarine and terrestrial cables. The company’s 2022 sales were €1.43 billion (up 35% year-on-year) and operating margin hit an all-time high with adjusted EBITDA of €137 million (up 31% year-on-year) and key factor is the effective implementation of new energy projects. Consolidated profit before tax was €70 million, compared to €30.5 million in 2021, and consolidated net income after tax was €60 million, compared to €22 million in 2021. needs. The board of directors of the company will propose to the general meeting of shareholders the distribution of dividends in the amount of 0.05 euros per share.

The board of directors of the company will propose to the general meeting of shareholders the distribution of dividends in the amount of 0.05 euros per share.

In the cable industry, the highlights of 2022 were the high utilization of all production lines, a historically high order book of 1.35 billion euros at the end of the year, and the successful implementation of high-tech energy projects. Sales in the cable sector amounted to 964 million euros (+17% year on year). For the first time in its history, the sector exceeded the €100 million limit on EBITDA, which stood at €108.5 million in 2022, an increase of €19.9 million compared to 2021. With 49.6 million, net profit amounted to 37.2 million euros in 2021.

After two years of unprecedented uncertainty in the energy market, 2022 proved to be a year of recovery for the steel pipe industry as Adjusted EBITDA exceeded 2019 levels to reach €28 million. A significant recovery in the energy market in 2022 and a number of important projects resulted in a year-end order book of 670 million euros, a new record for the sector. Sales in the steel pipe sector doubled year-on-year to €461 million from €230 million in 2022, while the sector returned to profitability with a pre-tax profit of €7.2 million compared to a loss in in the amount of 13.9 million euros in 2021. the backlog in the steel pipe sector at the end of 2022 was 670 million euros, the highest level since 2018.

“The cable business has remained the backbone of the group’s profitability as the projects and product sectors maintain their strong momentum while Corinth Pipeworks has returned to profitability, signaling further growth in the near future,” commented Alexis, Managing Director of Cenergy Holdings. Alexiou, describing the new historically high outstanding balance as a milestone for the company. “With a new investment program in the submarine cable plant starting in 2023, we aim to respond dynamically to the needs and expectations of our customers, and we are confident that we will continue to achieve stable growth and sufficient profitability,” emphasized Mr. Alexiou. .