ECONOMY

Iktinos posts rebound in H1 results

iktinos-posts-rebound-in-h1-results

Marble company Iktinos’ results for the first half of 2021 were very satisfactory, as its main target market, China, recovered from the Covid-19 pandemic.

Consolidated turnover rose 22.05% from the same period last year to €19.48 million.

Earnings before interest, taxes and asset depreciation rose 83%, to €6.57 million, and after-tax profits rose to €2.9 million, from just €100,400 in the first half of 2020.

Total equity is €51.1 million, with liabilities declining 5.3%, to €71 million, of which €14.2 million are short-term loans.

To refinance debt, the company issued a 7-year bond. Iktinos exports over 96% of its production, with China accounting for 60% and with significant scales in the US, the Gulf states, South America and Europe.

The company’s management said it was confident that the rebound in growth will positively impact sales.

“The messages [from actual deals and those under negotiation] are especially encouraging,” the company said.