ECONOMY

Germanos posts €6.3 mln net profit in 2019

germanos-posts-e6-3-mln-net-profit-in-2019

Electronics retailer Germanos improved its financial fundamentals significantly in 2019. The Cosmote subsidiary continued its increased emphasis on services and its online sales platform.

Last year, turnover increased 1.5%, to €302.1 million, of which €174.4 million came from product sales and €125.4 million from sales in services. Operational profit before financial and investment activities and asset depreciation (EBITDA) more than doubled in 2019, to €20.1 million from €8.8 million in 2018. EBIT profits, at €11.2 million, were more than five times higher those recorded in 2018 (€2.1 million).

Net profit was €6.3 million, from just €216,000 in 2018, and reflects €1.5 million earned from the sale of 100% of its stake in Germanos Telecom Bulgaria to Norway’s Telenor Mobile Communications. Total assets grew slightly, to €136.8 million, from €133.4 million in 2018.

Germanos also announced that there were more than 18 million transactions in its outlets last year and that traffic on its website increased 16.22%.

Mobile internet connections grew rapidly, 49%, at the expense of fixed-line internet, which dropped 1%, although, within that category, high-speed broadband connections (VDSL) grew 45%.

Germanos is the leading retailer in smartphones, landline phones, accessories and batteries and also strengthened its position last year in TV sales.