The jump in energy costs directly affected the performance of the first half of the year. According to the consolidated financial statements for the first six months of the year, due to an increase in the cost of electricity by 85%, the cost of sales increased by 25.42% year on year, to approximately 29 million euros. As a result, gross profit fell by 59% to 4.9 million euros.

Profit after taxes fell to 9,000 euros from 5.9 million euros in the first half of 2021.

Turnover decreased by approximately 3% to 34 million euros due to a decrease in the consumption of consumer billing services. EYATH’s pre-tax profit fell to EUR 564,000 from EUR 8.5 million in the first half of 2021, and after-tax profit was capped at EUR 9,000 from EUR 5.9 million (-99.85%). Earnings before taxes, interest and amortization (EBITDA) fell by around 71% to €3.24 million, with group cash and cash equivalents (end-2021) at €91 million.

The listed company aims to cope with rising energy costs by quadrupling its investment within three years and streamlining its spending. Since 2021, energy consumption has decreased by 17.2% and this figure is expected to improve in 2022 due to additional investments in renewable energy sources. These investments, according to EYATH Managing Director Antimos Amanatidis, include, among other things, the modernization of the wastewater treatment system, the installation and operation of a biogas plant at the end of 2022, the installation of photovoltaics until 2024, and the use of a cogeneration plant. highly efficient electricity-heat (SITHYA). At the same time, in order to reduce energy costs, investments are being made in the modernization and rationalization of the water supply network. “At a time of instability and intersecting challenges at all levels, as well as skyrocketing energy costs for our company, we are implementing a multi-tiered investment plan with circular economy actions and limiting our energy footprint. We are implementing energy balances, we have quadrupled our investments in the last three years and of course our goal is still to reduce our water footprint by 20% and our carbon footprint by 50% by 2030.” said EYATH President Agis Papadopoulos.