Revenue of €479 million increased by 22% and comparable operating income (EBITDA) of €125.5 million increased by 65% ​​compared to the corresponding period in 2021, Ellactor Group announced for the first half of the year. Net profit amounted to 12 million against a loss of 55 million in the corresponding period last year.

It’s worth noting that the construction business, which now has a $2.8bn portfolio, posted marginally positive operating margins for the second quarter in a row and after years of accumulated losses. “Despite the unstable international environment and the challenges caused by the energy crisis in all sectors, the Ellactor Group, after consolidating its balance sheet, continues its consistent steps to implement a new business model, which includes a sharp reduction in borrowing. and development in the main areas of activity. We now play a leading role in the development of the infrastructure sector and strive to create sustainable and long-term value for shareholders, employees, the Greek economy and society,” said Ellactor Managing Director Efthymios Buloutas.

The group showed operating profitability for the second quarter in a row and after several years of accumulated losses.

With respect to Motor Oil’s forthcoming acquisition of 75% of a new company that will contribute to Ellactor’s Renewable Energy Sources (RES) sector, and given Ellactor’s AGM positive decision on the transaction on 25 August, the activities of the Renewable Energy Sources (RES) sector are currently time is a discontinued operation for Ellactor in accordance with the application of IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations. However, they are presented as part of a group for size comparability purposes. The specific transaction is expected to close by the end of the year, subject to the necessary regulatory and other approvals, the listed company said.

Group cash (cash and immediately liquid assets) at the end of June, including assets held for sale, of 43 million decreased to 458 million from 470 million at the end of the previous year, mainly due to loan repayments. Net borrowings excluding Moreas (non-recourse loans 414.5m and deposits 29.9m) were 576m. ) in the amount of 414.5 million. That is, excluding loans from Morea SA, the total amount of loans at the consolidated level was 1.004 billion as of 30.06.2022 (including loans of assets offered for sale in the amount of 252 million euros).

“First semester financial results confirm the group’s new path despite the turbulent macroeconomic environment,” said Ellactor Managing Director Efthimios Buloutas.